Some 90% of the state-owned companies in Bulgaria are to be liquidated or declared insolvent, the Economy Ministry announced. The losses incurred by these companies for the first six months of 2001 amount to BGN 141 M. It is the first time the Economy Ministry has fully analyzed the companies’ assets, debts and number of employees. After the estimate the companies were divided into three groups – companies to be privatized and others to be liquidated or declared insolvent. The amendments to the Commercial Code, prepared by the Economy Ministry, are expected to speed up the processes in the last two groups.

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