Tender for Bankrupt Fertilizer Plant to be Held in Bulgaria's Vratsa
A sealed bid tender will be held Wednesday in Bulgaria's northwestern city of Vratsa for the assets of the bankrupt fertilizer plant Chimco AD, also known as Himko AD.
The fertilizer plant has been evaluated at BGN 28 552 458, VAT excluded.
The evaluation was conducted by approved assessors which referred to it as a "fair value against a backdrop of slow liquidity."
The fertilizer plant was declared bankrupt due to debts to state-owned gas supplier Bulgargaz, the National Electric Company (NEK) and the National Revenue Agency (NRA). 1% of the debt of Chimco AD is to former workers of the plant, according to reports of the Bulgarian National Radio.
During the bankruptcy proceedings, the debts were reduced from BGN 176 M to BGN 86 M.
If no sale is sealed on Wednesday, a second auction has to be scheduled with a 20% lower price tag, according to legal requirements.
If the plant is not sold at the second auction, a piece by piece sale is to be organized.
61.66% of the debts of Chimco AD are to Bulgargaz, 24.08% are to NEK, 10.47% are to the NRA, and the remaining portion is owed to a number of different creditors, according to money.bg.
- » Authorities Begin Large-Scale Tax Inspections Along Bulgaria's Black Sea Coast
- » New Electricity, Heating, Gas Prices Enter into Force in Bulgaria on Friday
- » Bulgaria Calls for Extra Vigilance in Travel to Turkey
- » Bulgaria’s Govt Debt Equivalent to 29.3% of Projected 2016 GDP in May
- » Juncker Said to Be Planning Introduction of Euro by All EU Member States after Brexit
- » Extension of Sofia Metro Line 2 to be Launched Before End of July