Novinite.com reported that Bulgaria's government has ruled out adopting a proposal for two of the biggest bondholders of indebted Kremikovtzi steel mill, state owned companies, to acquire a majority stake in it to prevent an imminent shutdown.

Mr Simeon Dyankov finance minister of Bulgaria said that "Should this scenario unfold, the state owned companies will have to pay Kremikovtzi debts while they have no permits for work and also have to pay back public takings to the finance ministry."

The forum was also attended by representatives of the trade unions, who want the government to adopt the recovery plan for the company and give up plans for its liquidation.

Mr Zhelyazko Hristov leader of KNSB trade union said that "Shutting down the ailing state run plant before winding up its businesses and offloading its assets will make more difficult the outstanding payments to the laid off workers and their social securities."

In their protest 200 workers from the plant gathered in front of the Economy and Energy ministry, calling on the state owned gas provider Bulgargaz and the state power utility NEK, two of the major creditors in the plant, to become majority owners.
Key Bulgarian ministers made it clear last week that bankrupt steel making giant Kremikovtzi would most likely be liquidated, since 80% of Kremikovtzi’s creditors have disapproved the action plan to save the steel maker, presented by the administrator.

(Sourced from www.novinite.com)