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Privatisation Deal for Bulgarian Shipyard Closed in Two Weeks

Business | July 21, 2003, Monday // 00:00

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The privatisation deal for the shipyard in Bulgaria's main coastal city of Varna will be completed within two weeks, Chief of the Board of Directors of Bulgaria's Marine Fleet Slaveyko Stoykov said Monday.

The news came after a meeting between Stoykov and Bulgaria's newly appointed Transport Minister Nikolay Vassilev Monday.

The tender for the shipyard was announced after private subcontractors refused to continue repair works of the ships due to six-month delay in payments. AKB-Forest Corporation, UK Baker Investments, Madesta HOLDINGS Ltd and Bulgaria's TSAKOS Shipping and Trading have submitted bids for 75 percent of the debt-ridden Varna Shipyard. Later negotiations with TSAKOS were cancelled because its leaders wouldn't accept basic conditions of the deal

The investing partner will gain 75 percent, 26 percent of which will be deposited in the Central Depository.

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