FUNDING FOR LUBRICANTS PRODUCER SOUGHT URGENTLY

Business | December 11, 2001, Tuesday // 00:00

Bulgaria’s debt-ridden lubricants producer Bimas is seeking urgently fresh funding to cover its BGN 5 M outstanding debt to suppliers and resume production. According to officials the company’s problems were caused by the outdated equipment and inefficient management. At the beginning of 2001 insolvency proceedings were launched against the company at the request of creditors. AKB Corporation, a former local privatization fund, is said to control over 50% of Bimas, while the oil trading company ECO Petroleum holds 29 percent. The state owns some 10% and the remainder is held by small investors.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Business » Be a reporter: Write and send your article

Advertisement
Advertisement
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria