Novinite reported that the Eltrade Company has wired to the Bulgarian Bank for Development, the amount of BGN 284,399,500 for the purchase of the bankrupt Kremikovtzi steel mill.

The news was reported Thursday evening by the Bulgarian news agency BTA, citing the mill's receiver, Mr Tsvetan Bankov.

The transfer had a deadline of April 18.

It is the full price of Kremikovtzi, which was sold for BGN 316 million, because the company had deducted the deposit of BGN 31,600,500, made to take part in the auction.

According to the Trade Act, after a final payment has been made, the receiver must prepare the entire documentation from the auction and submit it with the Sofia City Court with an application for the judge to issue an order to transfer the ownership to the buyer. The Court is to verify the legality of the deal.

(Sourced from novinite.com)