Galvex, Estonia's troubled steel galvanization plant, contacted over 50 potential investors, of which 10 have reportedly started due diligence. The company said all investors would be provided with an opportunity to visit the galvanizing facility and participate in a presentation by Galvex's executive management team. One firm, Silver Point Capital Partners, has submitted a binding offer to acquire the stock of the Galvex subsidiaries for the full discharge of its debt, Galvex officials said. Under the procedures approved by court, alternative purchasers have until April 30 to submit bids along with proposed terms and conditions. If any alternative bids are submitted that Galvex considers to be more advantageous, an auction will be held on May 4 and the approved transaction will be completed by the end of May.
