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 According to officials the company’s problems were caused by the outdated equipment and inefficient management.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.