SOFIA, August 6, 2008 (AFP) - Insolvency proceedings have been opened against the largest steelmaker in the Balkans, Bulgaria's Kremikovtzi, a court here announced Wednesday.

'The court has declared the group to be insolvent and has opened insolvency proceedings,' the court said.

Creditors who were owed 1.5 million euros (2.3 million dollars) by Kremikovtzi had filed an application for insolvency proceedings to be started.