US funds Flacks and Bedrock bid for Italy's former Ilva steelworks

ROME, Dec 12 (Reuters) - U.S. investment funds Bedrock Industries and Flacks Group have presented bids for Italy's former Ilva steelworks, government-appointed administrators said in a statement on Friday.

• Both funds have expressed an interest in all of the assets of the steelmaker, the statement said, without giving financial details.

• Flacks founder Michael Flacks said he had offered 1 euro ($1.17), along with a pledge to save thousands of jobs, in an interview with Bloomberg on Thursday.

• Flacks' plan would entail the Italian government keeping a 40% stake in the steel group, but the U.S. fund would commit to buy it out at a later stage for 500 million-1 billion euros.

• Flacks specialises in distressed assets, while Bedrock is focused on metals, mining and other natural resources sectors.

• Government administrators "will now examine the proposals to assess their completeness and compliance with the requirements set out in the tender notice," the statement said.

• A deadline for binding bids expired at midnight on Thursday, but the tender procedure remains open for any additional interested parties who present higher offers, administrators added.

• Based in Taranto, Ilva was once Europe's largest steel plant, but has long been hobbled by poor management and concerns about its environmental impact. It has faced years of financial turmoil, with the state repeatedly injecting funds to keep it afloat, citing its strategic importance.

($1 = 0.8524 euros)