Eurometal Ltd. and Metal Traders, the new leaseholders of Stomana JSC - Pernik, did not re-appoint 3500 workers who stopped their protests and went back to work. 1200 of them will be laid off within 6 months.
Source: Monitor (05.01.2000)

ViK - Pernik stopped the water supply to Stomana JSC because of debts of BGN 900.000.
Source: 24 chasa (13.01.2000)

EU imposed a 7.5 per cent penalty duty to import of steel from Bulgaria, India, Yugoslavia, Taiwan.
Source: 24 chasa (09.02.2000)

With the rental of Sromana JSC by Metal traders and Eurometal Ltd., the company stopped working at a loss, announced Executive Director Mr. Valentin Bakalov. In February the plant produced 29 t metal.
Source: Standart (16.03.2000)

The leasers of Stomana JSC - Pernik - Eurometal Ltd. and Metal Traders, signed a new collective labor agreement with the two trade unions in the plant.
Source: Pari (23.03.2000)

BGN 125 000 will be invested for renew of the ecological equipment in a workshop in Stomana JSC - Pernik, announced the Chief Ecologist Mr. Dimitar Dimitrov.
Source: BTA (04.05.2000)

According to the revisions, made by the syndics of the bankrupted banks showed that the liquidation continues too long and all consulting services were paid at a very high price and the property was sold at very low prices, stated the Director of State Financial Control Mr. Tzvetan Tzvetkov. The inspection reveals misappropriations for Balkanbank JSC, Stomana JSC - Pernik, VMZ-Sopot and Zaharni zavodi - Gorna Oriahovitza.
Source: Sega (22.05.2000)

500 workers will be dismissed in Stomana JSC within a month, was reported from the company. Within July 1 in the metalurgic company only 30 workers will remain in the company, claims the Executive Director Mr. Valentin Bakalov. A month ago there was a competition for selection of buyers for 14 supporting productions in Stomana JSC. There were candidates for all work-shops, except one. From the sale of the assets are expected incomes of BGN 25 million.
Source: BTA (05.06.2000)

The Executive Director of Stomana JSC Mr. Valentin Bakalov declared that the concrete-dolomite work-shop of the company is in liquidation. The raise in the prices of the natural gas and the old producing method are the main reason for the stop of the work-shop. 60 workers were hired in the work-shop but now 30 of them are dismissed. 65 per cent of the expenses in the prime cost are for the natural gas. The work-shop was declared for sale two times but all the candidates gave up after researches.The equipment will be declared for sale.
Source: BTA (12.06.2000)

The current tenant of Stomana JSC, the company Eurometal JSC buys the metalurgic plant in Pernik. This was stated by the syndicate of the company Mrs. Violeta Manolkova. The new name of the company is Stoman industry. However, the current partner of Eurometal JSC - the German company Metal traders won't take part in the deal. The transfer of the property will begin after the paying in of the first installment by Eurometal JSC in amount of USD 3 million.
Source: Standart (14.06.2000)

Metal traders did not give up from Stomana JSC, stated the President of Eurometal Mr. Ludmil Stoikov. The creation of the new company was a result of the preliminary negotiations between Eurometal and the German partner, that assured it will take part in the new company with about 10-15 per cent.
Source: Pari (16.06.2000)

Stomana JSC - Pernik will pay all compensations for the dismissed workers, stated the Executive Director Mr. Valentin Bakalov. The funds will be provided by current sales of the work-shops. Only 33 per cent of the workers received their compensations and within 10 days the buyer of the new production has to pay USD 3 million. USD 1 million are for the dismissed workers.
Source: 24 chasa (20.06.2000)

The Management of Stomaneni trabi Septemvri started to cut machines and equipments for old iron. The process started 2 months ago.
Source: Maritsa (20.06.2000)

In 1999 the company Stomana JSC produced 306 160 t steel, 164 799 t sheet iron, 87 132 t rolled iron and others. This became clear at the General Meeting of the company. It was recorded that the plant was well-provided-for in half with scrap because of the reduced demand and the rushing drop of the prices at the international market of the milled ferrous metals in comparison with these of the scrap. The realized loss from the main activity is BGN 72 216 000 that is with BGN 36 029 000 more compared to 1998. The financial condition of Stomana JSC as of December 31 1999 was very bad and this was confirmed in the declared by the Court procedure of insolvency. The company is with a negative value of the fixed capital in amount of BGN 122 080 000.
Source: BTA (26.06.2000)

Bribank was allowed to purchase the closed Stopanska Bank. The new owner will distribute BGN 80.1 million among the creditors of the bankrupted company. Among the debtors of the bank are the metal-dressing complex Krivoi Rog in Ukraine, the Bourgas shipyard, the company for towels Oborishte, Stomana, Kremikovtsi, Leko-ko and others. The total face value of the credit portfolio is about BGN 200 million. Even if 10 per cent of this sum is accumulated Bribank without any effort will get from its debtors about BGN 20 million. The sum is almost equal to the capital of Bribank.
Source: Banker (26.06.2000)

1389 workers were dismissed from Stomana JSC last year, stated the Executive Director of the plant Mr. Valentin Bakalov. In the beginning of 1999 in Stomana JSC worked 5274 employees.
Source: Standart (28.06.2000)

Pernik District Court quitted the procedure of insolvency of Stomana JSC. This happened after the court confirmed the reconstruction plan of the metallurgic company. The defined in the plan value of the assets in amount of BGN 42 700 000 is quite fair and guarantee the payments even at the most unpropitious market conditions. The total face value - BGN 180 953 201.45 of the receipts of the creditors from the fourth classes to the company-owner is 4 times more. Only the first three classes will be satisfied. among which are TSBank, the workers and the public-state receipts.
Source: BTA (12.07.2000)

After Pernik District Court accepted the developed reconstruction program of Stomana, the company Eurometal, which became the owner of an isolated part of Stomana, had to remit a sum of USD 2 million to the provided-for creditor - TSBank and USD 1 million on the account of Stomana in one-month’s period. According to information from the company, Eurometal has already remitted the first part to the provided-for creditors of the bank. From the beginning of next week, the payment of the due sums to the discharged employees of Stomana will start. Eurometal must remit USD 15.4 million for a period of 5 years, in order to provide for the financial execution of Stomana’s recovery plan.
Source: Pari (25.08.2000)

Eurometal JSC, which became the owner of the main work shops of Stomana JSC has invested more than DEM 3 million in reconstruction and repair works, was announced by the company's director Mr. Emil Sharankov. The received orders guaranteed 100 per cent its loading by the end of October - in September only the plant is expected to produce more than 30 000 t of production.
Source: Pari (13.09.2000)

The total amount of the 7 objects sold by this moment is BGN 32 742 000. The company has received BGN 2 699 000 of them. BGN 42 668 446 is the minimum which Stomana has to receive from the sale of 56 detached objects. For example an applicant for the forge-press work-shop is Leko-Ko Radomir.
Source: Pari (29.09.2000)

The big creditors of Stomana JSC were granted their credits back, was announced by the Executive Director Mr. Valentin Bakalov. Preliminary contracts for the sale of 7 isolated parts were signed. The creditors from first and second class were granted with the sale of the biggest isolated part Steel-extraction of the preferred buyer Stomana Industry SP Ltd. Stomana Industry SP Ltd. remitted USD 3 million. The creditor from first class TSBank was granted USD 2 million, and the receipts of the workers and employees were liquidated with USD 1 million.
Source: Democracy (03.10.2000)

The debt of Kremikovtsi JSC to Port Bourgas JSC amounts to BGN 4 million. Mr. George Dereliev, Executive Director of the port, signed an agreement of the metallurgical factory for the paying off of the debt, according to which Kremikovtsi must sink its debts for a period of 2 years. Another big debtor to the port is the factory Stomana JSC - Pernik.
Source: Pari (03.10.2000)

Stomana industry JSC that according to the reconstruction plan of Stomana acquired the right to buy the main production in the metallurgic company in Pernik, is selling a part of its share to a Greek company, stated the Director-Prosecutor Mr. Emil Sharankov. At the moment there are negotiations for creation of joint-venture company with Vio Halko - a leading producer in the field of the non-ferrous metallurgy in Greece. Stomana industry is registered by the former lodger Eurometal. It bought 16 work-shops, 4 of which are the biggest. The price of the deal is USD 13.5 million. Maximum 50 per cent will be sold to the German company. Vio Halko was an owner of the plant for non-ferrous at Iskar station and built a plant for alumnum profiles in Sofia.
Source: BTA (01.11.2000)

With 5 per cent will increase the prices of the final products of Stomana JSC after the final raise of the prices of the gas, announced Mr. Ludmil Stoykov - a President of Eurometal Ltd. Between USD 6-10 per ton will increase the price of the metals in November. According to Mr. Stoykov the high price of the gas prevents the foreign investors. 80 per cent of the production of the company is for export and it is realized mainly in the countries from the European Union. At the moment in the company are working 2 360 workers.
Source: BTA (06.11.2000)

It is a question of a sum of about BGN 240 000. According to the Executive director Mr. Valentin Bakalov the management have depended to this money to pay to the State for the Added Value Tax. On the other hand Lekoko is late with its implement because it is waiting for the tax administration to return it the money from the Added Value Tax. According to the contract for the sale of the Mechanical department the postponement gives Stomana the full right to cease its action. The big expectations of the creditors are connected with Evrometal - a leading shareholder in Lekoko and owner of the main department in the plant. The liquidation plan says that their money from Stomana JSC the State and the workers will receive and full amount. The companies that purchased the debts of the secured creditor - the former TSBank may depend on 16.78 per cent of the face value of their claims. The official owner of the main department is Stomana Industry SPLtd. But all shares in it holds Evrometal. Apart from the main production and the mechanical department in private hands are five more detached parts of the plant The price that was negotiated for them is BGN 1.8 million. Stomana posses also warehouses, plots, holiday stations and departments for which there have been no applicants. The procedure over the sale of these assets will take some time. The reason is that on the General Meeting of Stomana which took place on 28 September this year was decided these assets to be evaluated and to be offered on open auctions.
Source: Banker (20.11.2000)

The Ministry of Economy permitted the sale of the rest 51 per cent of the assets of Stomana JSC, declared the Executive Director of the company Mr. Valentin Bakalov. Some of the work-shops and areas for restoration will be for sale. There are clients with letters for intentions who are ready to buy. The funds are necessary for the metallurgic company in order to pay its debts to the National Insurance Institute, local taxes, fees. So far from sales Stomana JSC has received USD 3 million and BGN 1 million. Except Eurometal JSC, another Bulgarian companies purchased 6 work-shops. According to the reconstruction plan the deadline for selling-off of the assets of the company is 5 years. At the moment in Stomana JSC are working 110 employees.
Source: BTA (22.11.2000)

4 detached parts and equipment of Stomana-Pernik will be sold at an auction on December 22. The auction will be with open bidding and will take place in the building of the company. The initial price of the steel work-shop is BGN 120 000 and for the work-shop for protective mixes the initial price is BGN 38 000. In accordance with the reconstruction programme there have so far been dealed 7 preliminary contracts for sale of objects from the plant in Pernik at the amount of BGN 32.742 million. From them in Stomana JSC were transferred about BGN 2.7 million.
Source: Pari (18.12.2000)

With a decision of the Board of Directors and the syndics of Stomana JSC, Pernik will take place public auctions with open bidding for the sale of 5 detached objects from the company, was reported from the Ministry of Economy. With the incomes from them will be covered a part of the obligations to the creditors of the company. The procedures of the sale of the assets were defined by the Minister of Economy Mr. Petar Zhotev and are a part from the requirements connected with the reconstruction plan of the company, from which 75 per cent are state-owned property.
Source: BTA (22.12.2000)

Five workshops of the metallurgical plant Stomana JSC - Pernik will be sold at public auctions. This was decided at the company’s Board of Directors yesterday. The five privatization procedures have been already approved by the M MInister of Economy Peter Zhotev.
Source: Pari (29.12.2000)