Plama Pleven Oil Refinery Bankrupts 2nd Time

Business | July 20, 2005, Wednesday // 00:00

The oil refinery Plama Pleven was declared bankrupt for the second time, media reported.

Pleven-based petroleum refinery Plama, bankrupted back in 1998 when a reviving plan was implemented and the company was stabilized, but under the new regulations such plan could not be used now.

The creditors approached the Pleven court over debts worth over BGN 5 M that have been calculated for the period 1999-2001.

The company's assets will be evaluated by experts and then sold out.

The refinery was opened in 1971. Over the years the installations of the Plama refinery are reconstructed and modernized in view of the production of quality goods for the changing international expectations and new technologies.

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