VIVACOM Cash Balance in KTB '11 Times Higher' than Announced
Bulgarian telecom VIVACOM's assets in BNB-supervised Corporate Commercial Bank (KTB) are likely to amount to EUR 71 M, the Irish Stock Exchange wrote on its website.
It reminded VIVACOM had previously put its balance at KTB, which the Bulgarian National Bank (BNB) placed under conservatorship in June, at EUR 6.5 M.
VIVACOM placed in November 2013 bonds at the ISE valued at EUR 400 M to ensure funding for part of its debts.
It is yet to make some of its payments, but has stressed it has some EUR 20 M in other banks at disposal.
The ISE notes that "VIVACOM continues to generate positive cash flows from operating activities and the financial position of the company is stable, with more than EUR 20m of cash in its other servicing banks."
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