Bulgarian National Railways 'Not Facing Bankruptcy'
The Bulgarian National Railways (BDZ) are facing nether bankruptcy nor mass layoffs, Hristiyan Krastev, the state-owned company's chief executive, said on Monday.
Krastev told the public broadcaster BNT that BDZ is still committed to reducing its huge debt, which in his words went BGN 100 M (EUR 50 M) down in 2013.
He added that his company continues negotiations with lenders and stakeholders.
Purchase of new wagons and locomotives is scheduled to be made by the end of the year, with a special focus on improving conditions and capacity of passenger trains.
The total debts of BDZ amount to BGN 620 M (EUR 310 M) as of end-April 2014, and its larger creditors (banks like Societe Generale, BNP Paribas, KFW, and Bulgaria's First Investment Bank) have been considering whether to sell off some of the company's assets due to concerns it would could not handle its financial burden.
Transport Minister Danail Papazov has however asserted BDZ is not facing bankruptcy and has vowed that his government would conduct successful negotiations.
- » Company Donations in Bulgaria are Down by More than 25% in 2016
- » Tesla Sets Massive Stock Awards for Musk Based on Boosting Market Value
- » Turkey Detains 91, Including Politicians, Journalists, Over Syria Comments
- » Heavy Snow Humbles the Global Elite at Davos Summit
- » Earthquake Shakes Alaska and Sends a Shudder of Alarm Along the Coast
- » Katerina Manou, Regional General Manager at Regus for Greece: The Investment Environment in Bulgaria is Quite Promising