Romanian integrated steel mill Liberty Galati on sale for lower price after first failed attempt
The assets of Romanian integrated steel mill Liberty Galati, formerly known as Sidex, which did not find a buyer for EUR 690 million at the international auction in March, will be put up for sale for EUR 460-465 million, close to the…
iulian ernst · Journalist
· Updated · 1 min read
The assets of Romanian integrated steel mill Liberty Galati, formerly known as Sidex, which did not find a buyer for EUR 690 million at the international auction in March, will be put up for sale for EUR 460-465 million, close to the liquidation value, in a second auction at the end of May.
The bankruptcy administrator Euro Insol said it was expecting the opinion of Exim Banca Romaneasca as a creditor, and will go ahead with the plan.
"We are waiting for Eximbank's opinion on the plan amendment, then to notify the over 1,000 creditors and to submit the new plan to the Galati Court for approval on April 25-26. The new international auction could take place in the last week of May, at a new price," Remus Borza, president of Euro Insol, the bankruptcy administrator, together with CITR, told Ziarul Financiar.
(Photo source: press release)
