The deal for Bulgaria's Varna Shipyard will be closed within three weeks, the country's Transport Minister Plamen Petrov said. He pointed out that three out of four submitted offers were with good parameters. AKB-Forest Corporation, UK Baker Investments, Madesta HOLDINGS Ltd and Bulgaria's TSAKOS Shipping and Trading have submitted bids for 75% of the debt-ridden Varna Shipyard. The investing partner will gain 75%, 26% of which will be deposited in the Central Depository. The company would lose those 26% if its income over the next three years do not exceed BGN 400,000 a year. Thus the investor would reduce to a minority shareholder. The bid for Varna's Shipyard was announced after private subcontractors refused to continue repair works of the ships due to six-month delay in payments. Twenty-nine ships have been repaired by Varna Shipyard since the beginning of 2003. Source: Novinite.bg