3 Options to Settle BGN 700M Debts of Bulgaria's Railway Co
Bulgarian Transport Minister Danail Papazov has said that the debts of the Bulgarian State Railways (BDZ) company could be settled through capital transfer, state subsidy, or a new loan.
He informed that the ongoing implementation of the debt restructuring plan for BDZ had helped reduce the debts below the level of BGN 700 M, the aim being to bring the total below BGN 670 M.
He said that the issue of a deferred payment of debts to creditor was still an undecided matter, adding that while the creditors insisted on a 5-year period, Bulgaria sought a 10-year scheme.
"We hope that BDZ will register a profit one day, and this may even happen next year" Papazov noted, adding that it was an illusion to believe that this could happen without the assistance of the state.
The Transport Minister reported an increase in cargo rail services, which had reached up to 30 000 tonnes per 24 hours, and an increase in the number of transported passengers.
Papazov pointed out that he had received thank you letters from passengers for the new sleeping cars which had been supplied during the term in office of former Transport Minister Ivaylo Moskovski.
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