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SARAJEVO (Bosnia and Herzegovina), January 19 (SeeNews) – Bosnia's Zenica municipal court has opened bankruptcy proceedings against majority state-owned steel mill Zeljezara Zenica, local media reported.
The court has appointed an insolvency administrator and invited creditors to file their claims against Zeljezara Zenica in the next 30 days, news daily Oslobodjenje reported on Thursday.
Zeljezara Zenica has assets worth 100.21 million marka ($62.9 million/51.2 million euro), while its liabilities amount to 69.95 million marka.
The steel mill is based in Bosnia's fourth-largest city, Zenica. The manufacturing operations of the company were privatised in the late 1990s by a Kuwaiti investor and it was renamed to BH Steel. In 2004, the company was taken over by Lakshmi Mittal and became part of the Arcelor Mittal group in 2006.
The operations that remained in government hands have become highly indebted.
The Federation is one of the two entities that make up Bosnia, the other is the Serb Republic.
(1 euro=1.95583 marka)