Bulgaria's Kremikovtzi receives €30 million under emergency funding proposal

By Caroline Salls

Pittsburgh, May 20 - Kremikovtzi AD received €30 million in funding from ArcelorMittal in connection with an emergency funding proposal, according to a news release.

According to the release, part of the funds will be used to pay employee salaries. Remaining funds will be used to procure raw materials, consumables and spares.

As previously reported, Moody's Investors Service downgraded Kremikovtzi's corporate family rating to Ca from Caa3, along with Bulgaria Steel Finance BV's rating on its €325 million senior secured guaranteed notes to Ca/LGD 4(53%) from Caa3/LGD 4(53%) after Kremikovtzi failed to make an interest payment under its €325 million notes.

Kremikovtzi is Bulgaria's largest steel company.

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