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
- Chobani CEO & Founder Hamdi Ulukaya's Humanity First Story Featured In New Documentary on VICE
- Green Card Holders Message to President Biden
- Turkey Unveils Space Program including 2023 Moon Mission
- Newly Established Political Action Committee for Turkish American Lawyers
- Didem Nişancı: Janet Yellen’s Turkish-American chief of staff