Pula Steel sale hits a snag

Pula Steel was built at a cost of P130 million in 2015 and entered liquidation in October 2017 having operated in fits and starts due to financial and technical challenges, including shortage of its raw materials. Creditors owed about P100 million were left in the lurch following the plant’s closure.

This week, it emerged that after the auction ended on January 31 and a winning bidder identified in March, the process has been bogged down due to funding issues around the winning bidder, who has reportedly missed key deadlines for the finalisation of the deal.