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Romania agrees to sell separately core assets of Liberty Galati steel mill

The Romanian government, the principal creditor of the financially distressed Liberty Galati steel mill (part of Liberty Steel Group), has reversed its stance and agreed to sell the company's core assets…

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Romania agrees to sell separately core assets of Liberty Galati steel mill
The Romanian government, the principal creditor of the financially distressed Liberty Galati steel mill (part of Liberty Steel Group), has reversed its stance and agreed to sell the company's core assets separately via an international auction. 
 
This decision, a shift from an initial push for a sale of the entire company, aims to expedite the liquidation process, cover debts to secured creditors and employees, and address a large portion of the $1.2 billion in total liabilities. The core assets are valued between $400 million (liquidation price) and $800 million (market price). 
 
This move comes as the steel mill operates under a pre-insolvency procedure. Interested bidders reportedly include Ukrainian billionaire Rinat Akhmetov's Metinvest and local Romanian road construction magnate Dorinel Umbrărescu.
 
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