Varna Shipyard Sold?

It was reported that the state Bulgarian Sea Fleet won tender to buy insolvent Varna shipyard for $16 million. State-owned, the goverment apparently had sought foreign investment in the yards. Government officials have said they hoped Bulgaria would attract a shipbuilding company as an investor for the country's biggest shipyard, declared insolvent in January. Bulgaria Sea Fleet is 100-percent owned by the state. Previous attempts to sell the shipyard were unsuccessful, before the state decided to seek insolvency for it in May 2000.