Bulgarian State Railways Liability Amounts to BGN 171M - Minister

Business | May 9, 2014, Friday // 16:33| Views: 962 | Comments: 0
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Bulgaria: Bulgarian State Railways Liability Amounts to BGN 171M - Minister Bulgarian Transport minister Danail Papazov. Photo by BGNES.

Holding Bulgarian State Railways recorded better results in Q1 on a yearly basis, Minister of Transport Danail Papazov announced, Friday.

At a meeting with representatives of non-governmental organizations, attended by Prime Minister Plamen Oresharski, Papazov stressed that the introduction of electronic systems in the company will cost about BGN 3-4M, BGNES reports.

Bulgarian State Railways (BDZ) liability amounts to BGN 171M, Transport Minister said.

"In 2013 the Ministry and BDZ, along with the two subsidiaries, developed a plan for the restructuring and the financial stabilization of BDZ Holding for the period 2013-2023. The plan aims to restore their long term viability, based on realistic measures. It recognizes all long and short term measures of the Ministry. It is particularly important to understand that the crucial element for the recovery of BDZ is the renegotiation of its liability. Despite the BGN 100M reduction, there is still a huge sum left which the Holding can not pay off on time," Minister Papazov explained.

According to him, the National Railway Infrastructure Company (NRIC) is also in the process of restructuring under the operative restructuring program for the period 2011 – 2016.

"The main goal of the restructuring is to establish a sustainable financial company," Papazov said.

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Tags: BDZ, Holding Bulgarian State Railways, liability, Danail Papazov, Transport Minister, National Railway Infrastructure Company, NRIC
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