The first round in the take-over battle for Bulgarian steel maker Kremikovtzi will decide who will be appointed temporary operator of the ailing company. The main candidates to acquire the plant - India's Arcelor Mittal and Ukrainian billionaire Konstantin Zhevago's Vorskla Steel, have submitted to the Bulgarian government their plans for operating the steel mill under an interim arrangement. The two candidates have similar investment proposals: they contain an emergency revival plan and follow-up investment allocations. Arcelor Mittal is pledging USD 150m as an immediate working capital infusion and USD 30m for environmental measures. Vorskla Steel has brought to the table a proposal for USD 90m in working capital and the delivery of 150k tons of input materials currently warehoused at the Lom and Burgas airports. Arcelor Mittal is proposing to set aside USD 500m for technological upgrades over the next five years, including USD 120m for environmental measures. The Ukrainian offer is for USD 531m in capital investment, including USD 100m to be spent on a new coke chemical production based on alternative power sources. The eco commitments total USD 60m to USD 120m. Holders of bonds secured with Kremikovtzi assets have confirmed off the record that Arcelor Mittal intends to repay the bond at 79% of its nominal value with a further 4% payment if the plant does ok after the take-over. The Zhevago team is not saying at what percentage rate they intend to repay the notes but some of the larger bondholders said the Ukrainian billionaire plans to repay substantially less and restructure the remainder of the debt. Zhevago claims he has so far bought up 30% of the Kremikovtzi bonds. An insolvency case against the steel maker will be heard Monday by the Sofia city court.