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Germany's Deutsche Bahn 'to Take Over' Bulgarian State Railways

Business | July 17, 2014, Thursday // 11:18| Views: 1970 | Comments: 0
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Bulgaria: Germany's Deutsche Bahn 'to Take Over' Bulgarian State Railways Transport Minister Danail Papazov. Photo by BGNES

Transport Minister Danail Papazov announced German railway company Deutsche Bahn could step in the management of troubled Bulgarian State Railways (BDZ).

During a meeting on Tuesday representatives of DB International discussed the option with Prime Minister Plamen Oresharski, with the two sides agreeing the company should propose measures to develop BDZ as a railway carrier, Papazov told daily 24 Chasa.

BDZ's management is to pass into the hands of the German operator after solutions are drafted, he added.

DB has a week to offer a price for its services, but the minister says a deal on Bulgaria's railway company could also be signed by the next cabinet.

Papazov revealed DB was expected to produce a model to restructure BDZ and also to tackle its debt amounting to BGN 700 M (roughly EUR 350 M).

"So far many attempts many assessments have been made regarding the rescue and develop the company, but mostly by institutions and consultants. Now we want to use the assistance of people who are into the transport business and railways," Papazov elaborated.

Earlier the Council of Ministers' press office quoted Prime Minister Plamen Oresharski as telling DB representatives that Bulgaria needed "practical solutions to change the vision for the company's development and not consultants' project that sit well on shelves".

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Tags: Danail Papazov, Plamen Oresharski, BDZ, Council of Ministers, Deutsche Bahn, DB
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