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Creditors of Bulgarian State Railways Co Demand Payment in 45 Days

Business | May 26, 2014, Monday // 16:40| Views: 1030 | Comments: 0
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Bulgaria: Creditors of Bulgarian State Railways Co Demand Payment in 45 Days Photo by BGNES

The external creditors of the Bulgarian State Railways company (BDZ) have demanded that the arrears on the second debenture loan of BGN 76 M be covered in 45 days.

At an extraordinary meeting of banks creditors of Holding BDZ EAD on the second debenture loan, they announced that they would take steps to make the entire loan of EUR 88 M chargeable ahead of term unless their condition was met.

BDZ may lose 25 diesel trains and 3407 freight cars, according to Capital Daily.

The participants in the meeting, including a representative of BDZ, assured that the measures would not affect the operational activities of the company.

The company explained that the talks on the renegotiation of the loan were still underway and that the 45-day period for the settlement of arrears could be extended and the stage of selling off a part of the assets could be avoided.

Holding BDZ EAD informed in a statement that it was still expecting an official decision by the European Commission on receiving additional support.

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Tags: Bulgarian State Railways, BDZ Holding, creditors, European Commission
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