SMOLYAN COURT REVOKED GORUBSO BANKRUPCY
Business | September 20, 2001, Thursday // 00:00
The Smolyan Regional Court revoked the bankruptcy of Gorubso, the National Television BTV announced, quoted by Dnevnik Daily. The Court decided on that when the Agency for State Loans withdrew its claim for BGN 1.8 M. The government did not announce whether it will appeal the decision. The owners of Gorubso – Madan proposed a plan for rescheduling of the payment of BGN 1.6 M insurances.. The Smolyan court had a hearing on the case on September 19. Gorubso employees claim BGN 1,5 M unpaid salaries. The procedure towards bankruptcy of the mining company Gorubso was opened to recover the company, prepare it for a new sale and it is the only way to save the company, which has huge losses as a result of poor management, the Minister of Economy said. The losses amounted to over BGN 4 million for 2000. An expert working group of twenty members took the bankruptcy decision unanimously. The audit, made by Deloitte & Touche showed that the state does not owe any money to the company. The owners of Gorubso, the Russian –Turkish consortium Rodopa Investment acquired the company for BGN 150,000, promising to pay all the debts.
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