Bulgarian Travel Abroad Surges: Turkey, Greece, and Romania Top Destinations
In March, there was a significant uptick in Bulgarians traveling abroad, marking a 19.1% increase from the previous year, amounting to 679.1 thousand trips
Bulgaria To Seek Settlement with EVN in Court Dispute
Business | September 20, 2007, Thursday // 00:00
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Bulgaria's cabinet approved on Thursday a proposal to reach an out-of-court settlement with Austria's EVN in the dispute regarding the purchase of the power distribution utility in Black Sea resort Sunny Beach.
EVN was picked to buy majority stakes in two power distribution firms in southern Bulgaria for EUR 271 M in 2004, with an option to acquire the small Sunny Beach distribution for a fixed sum of BGN 25 M.
However, the private shareholders of the company that operates the resort and owns the distribution have blocked the deal, demanding BGN 38,9 M.
EVN has responded by filing a suit against Bulgaria with the International Court of Arbitration in Paris, seeking damages of EUR 27 M, the sum stipulated by a clause in the privatisation contract.
Bulgaria could use part of the proceeds from the sale of the two bigger power utilities in Plovdiv and Stara Zagora, 20% of which are held in escrow, to cover the difference for the Sunny Beach distribution, privatisation agency chief Todor Nikolov said.
EVN was picked to buy majority stakes in two power distribution firms in southern Bulgaria for EUR 271 M in 2004, with an option to acquire the small Sunny Beach distribution for a fixed sum of BGN 25 M.
However, the private shareholders of the company that operates the resort and owns the distribution have blocked the deal, demanding BGN 38,9 M.
EVN has responded by filing a suit against Bulgaria with the International Court of Arbitration in Paris, seeking damages of EUR 27 M, the sum stipulated by a clause in the privatisation contract.
Bulgaria could use part of the proceeds from the sale of the two bigger power utilities in Plovdiv and Stara Zagora, 20% of which are held in escrow, to cover the difference for the Sunny Beach distribution, privatisation agency chief Todor Nikolov said.
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