Bulgaria's Lorex Production Base Put up for Sale by Bailiff
SOFIA (Bulgaria), July 17 (SeeNews) - The production base of Bulgarian windows and doors maker Lorex will be put up for sale by a bailiff in a public auction, according to data from the Bulgarian Chamber of Private Enforcement Agents (BCPEA).
The starting price in the auction is set at 4.14 million levs ($2.48 million/2.12 million euro), data from BCPEA shows.
The company's production facilities are located on a 15,000 sq m land plot in the city of Shumen, in Bulgaria's northeast.
At the end of 2017, Lorex's outstanding obligations to Bulgaria's DSK Bank totalled 1.7 million levs under two loans, which were due in November 2017, data from the company's annual financial report shows.
Lorex owed DSK Bank 1.04 million levs under a 2 million levs investment loan and a further 667,856 levs under a 1 million levs working capital loan, the financial report shows.
The company's production base was pledged as collateral for both loans.
The windows and doors maker also owed 249,000 levs to suppliers at the end of last year.
Lorex turned to a net profit of 84,000 levs in 2017 from a net loss of 439,000 levs in 2016.
Lorex produces PVC and aluminum windows and doors, curtain walls and roofing.
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