Three potential buyers placed binding bids for Bulgaria's Vivacom by the 12 November deadline, writes local news agency Novinite. The offers were submitted by Greece's Olympia group backed by US-based hedge fund firm Third Point; by Marc Schneider, co-founder of European cable group UPC and financially backed by US-based private equity fund CVC; and by Bulgarian-born and UK-based entrepreneur Spas Roussev. His offer is expected to be financially backed by VTB Capital, the investment-banking arm of Russia's second-largest bank VTB.
An auction will be held in London on 19 November for 100 percent of the shares of InterVInvestment, which defaulted on loan repayment at the maturity of financing in May 2015, prompting the calls from creditors for a sale. Each of the three candidates needs to submit a deposit for participation by the date of the auction. The minimum price at the auction will be equal to the highest of the three received bids.
