SARAJEVO (Bosnia and Herzegovina), January 19 (SeeNews) – In Sarajevo story 'Bosnia's Zeljezara Zenica enters bankruptcy proceedings - report', please read at the end of the fourth paragraph, 'ArcelroMittal Zenica is not part of Zeljezara Zenica.' (adds a sentence to make clear that ArcelorMittal Zenica, part of ArcelorMittal group, is not affected by the bankruptcy proceedings against Zeljezara Zenica.) Please also note that the incorrect reference to Zeljezara Zenica as a steel mill has been deleted.
Following is a corrected version of the story:
Bosnia's Zenica municipal court has opened bankruptcy proceedings against majority state-owned 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 company is based in Bosnia's fourth-largest city, Zenica. The manufacturing operations of Bosnian steelworks Zeljezara Zenica were privatised in the late 1990s by a Kuwaiti investor and the company was renamed to BH Steel. In 2004, BH Steel was taken over by Lakshmi Mittal and became part of the ArcelorMittal group in 2006 who renamed it to ArcelorMittal Zenica. ArcelorMittal Zenica is not part of Zeljezara Zenica.
The operations that remained in government hands have become highly indebted.
(1 euro=1.95583 marka)