No Bidders for Bulgaria Steel Behemoth, Auction Fails

The auction of bankrupt steel giant Kremikovtzi, considered the pride of the communist-era industry in Bulgaria, has failed to attract any bidders and now the government will have to cut further its price.
The closed-bid auction started at BGN 565 517 510, which according to trade unions and analysts is far below the market price. Prospective investors were invited to deliver sealed bids between noon and 1 p.m. on September 13, with a 10% deposit to be paid in advance, but no one turned up.
As no one made an offer, a second auction with direct bidding will be held by November 15 and the starting price is expected to be cut by 20%.

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