Standart News

Bulgaria THURSDAY, 13 December 2007

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Kremikovtsi to Be Sold within a Week

Ukrainian tycoon Konstantin Zhevago is the most probable new owner of the steel plant, says Viktor Kalnik, Ukraine's ambassador to Bulgaria

The Kremikovtsi deal will be sealed within one week, well-informed sources told the Standart.
 H.E. Viktor Kalnik, the ambassador of Ukraine to Bulgaria, confirmed the news.
 "Konstantin Zhevago will most probably buy Bulgaria's metallurgical giant within one week," Kalnik announced in the town of Sandanski on Saturday.
 "The information is confidential, but news is expected," Alexander Tomov, CEO of Kremikovtsi, told The Standart.
 Several days earlier he announced that he would be glad if Zhevago headed both Kremikovtsi and CSKA FC. Rumours spread that the Ukrainian billionaire will become the football club's new owner by the middle of the year.
 Not long ago, the Standart wrote about the London negotiations on the sale of the steel plant. The deal is prepared by Deutsche Bank which is to provide one billion US dollars for Zhevago's finance operations, including funds for covering the metallurgical plant's debts to its creditors.
 In case of change of the ownership, the Kremikovtsi bond holders have the right to demand the payment of the allotted loan which stands at a total of 325 million euro. Negotiations between Zhivago's representatives and the bond-holders are underway. Zhevago's efforts aim at reassuring the bond holders that after the change of the plant's ownership they will continue to receive regularly the due sums.

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