About BGN 30 million will be invested in the construction of the infrastructure in Slanchev Bryag resort for the new tourist season. The money will be used for improvement of the water and sewerage system and electricity-supply system. The reconstruction and the building of new objects continues, but if they are not finalized in time they will cause serious problems, announced the Chairman of the Union of the restaurants and hotels, Mrs. Elena Ivanova.
Source: Dnevnik

First Investment Bank will launch on the market an eurobond issue, was decided that the General Meeting of the shareholders of the credit institution. The Managing Board of the First Investment Bank received a mandate to negotiate the detailed terms and parameters of the issue.
Source: Dnevnik

Mrs. Slavka Ivanova was elected as a Chairman of the Managing Board of the insurance company Jupiter. By this moment Mrs. Ivanova was a member of the Supervisory Board. Mrs. Ivanova is the owner of the financial house Lady VSM, which holds a minority share from the capital of Tokuda Bank. Mrs. Raina Krusteva remained on the position of a Deputy Chairman. As a second Executive Director was elected Mr. Delcho Arsov. 
Source: Dnevnik

The German company Hamberger Bulgaria will invest BGN 5 million in a new factory, whose production will be used by the Sevlievo-based factory Ideal Standard Bulgaria. The factory, which will be launched in exploitation in November, will produce lavatory pan. Representatives of Hamberger Bulgaria announced that the company plans to open an auction for the election of the executor of the construction. 
Source: Dnevnik

USA
International Steel Group on Thursday moved closer to becoming the largest integrated steelmaker in the US when it secured financing of $1bn to fund its offer for Bethlehem Steel, a bankrupt steel company. The total $1.5bn acquisition, which includes the assumption of debt, was approved last month by Bethlehem's board and should be completed by the end of April. Analysts said it would set the stage for a flotation within the year of ISG, which was created by Wilbur Ross, the veteran bankruptcy investor, as a vehicle to consolidate the sector. UBS Warburg and Goldman Sachs, the two investment banks acting as agents on the $1bn financing, are seen as front-runners to lead any initial public offering. The financing includes a $700m senior credit facility and a $300m three-year revolving credit facility. CIT Group/Business Credit is also an agent to the deal. Mr Ross, chairman of ISG, declined to comment on a flotation. Although the US steel industry has been dogged by bankruptcies and heavy losses, ISG has established a reputation for aggressive cost-cutting in former acquisitions, such as at LTV where it rehired just 3,000 out of a workforce of 7,000. Mr Ross said it had $100m to fund a transitional arrangement, offering pay-offs to workers. "About one-third of the workforce have more than 30 years' service, so are fully vested in their pension funds. For them, taking a lump sum payment would be welcome. Another 30 per cent of the workforce have 25-30 years service, so are also good candidates." Although Bethlehem "had a good order book for April", Mr Ross said there were concerns about demand from the automotive sector. 
Source: FT