Bankrupt Fertilizer Plant Chimco AD Fails to Attract Bidders in Second Tender

Business | March 6, 2015, Friday // 17:37| Views: | Comments: 0
Bulgaria: Bankrupt Fertilizer Plant Chimco AD Fails to Attract Bidders in Second Tender Photo by BGNES

No candidates to buy the bankrupt Vratsa-based fertilizer plant Chimco AD, also known as Himko AD, showed up in the second open tender.

The price tag, at BGN 22.8 M, had been reduced by slightly over BGN 6 M from the previous tender held in 2014, according to reports of the Bulgarian Telegraph Agency.

The bid increment had been set at BGN 1 M.

The liquidator, Rositsa Tomova, announced that the tender had been held valid, despite the fact that no bidders had participated.
She made clear that the creditors were to decide on the date of the next tender and the manner in which it would be organized.

Tomova informed that the decision was to be taken at a general meeting of creditors to be assigned and to be held at the Vratsa District Court.

The largest creditors of Chimco are state-owned gas supplier Bulgargaz, the National Electric Company (NEK), and the National Revenue Agency (NRA).

The first tender for the sale of Chimco was held in the spring of 2014 and no participants showed up.

Then-Economy Minister Dragomir Stoynev had included Chimco in the plan of the government for the reindustrialization of the Bulgarian economy, the idea being that the state would buy the plant and stabilize it and then sell it to a foreign investor.

However, the Economy Ministry did not take part in the first tender as the price was considered to be too high.

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Tags: tender, fertilizer plant, Chimco AD, Himko, Himko
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