Toscelik Profil Ve Sac Endustrisi AS won an auction to buy Zeljezara AD Niksic (ZEHK), paying 15.1 million euros ($20 million) for the unprofitable Montenegrin steel plant.
Toscelik, part of Tosyali Holding, bought the Niksic-based mill after four previous auctions failed, Montenegro’s Economy Minister Vladimir Kavaric said in a statement on the government’s website today. Zeljezara’s court-appointed receivership administration set the asking price at 15 million euros in the latest auction, half of what it asked in January.
The steelworks was put into bankruptcy a year ago when a workers union demanded overdue wages.(Bloomberg)
Last modified onSaturday, 06 May 2017 10:07
Latest from Admin TOA
- Looting hit a Turkish-owned pharmacy store in the U.S
- Washington D.C. Mayor Muriel Bowser unveils large street banner reading 'Black Lives Matter'
- Turkish Americans in the 2020 Elections!
- Candan Tamerler, Ph.D. Elected as President of TASSA
- Undocumented Students Generated Up to $132 Million in Relief to Colleges—But They Won’t Receive a Dime From the Stimulus