10% of Bulgaria Building Firms Set for Bankruptcy

Business » PROPERTIES | October 1, 2009, Thursday // 16:43| Views: | Comments: 0
10% of Bulgaria Building Firms Set for Bankruptcy: 10% of Bulgaria Building Firms Set for Bankruptcy Photo by BGNES

Bulgaria's Minister of Regional Development, Rosen Plevneliev, has announced that 10% of the building firms in the country are likely to go bankrupt in the next few months over the global financial crisis

Plevneliev said that the building industry is in dramatic situation, with between 500 and 600 of a total 5500 construction companies in serious financial distress.

He continued that his Ministry will try to revive the industry by providing new contracts for road construction in October and November. He added that the Road Agency’s budget has increased by BGN 700 M.

In connection with winter cleaning Plevneliev indicated that BGN 35 M would be provided for snow removal and BGN 17 M for maintenance of roads. The funds will be provided by the Ministry of Finance.

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Tags: Rosen Plevneliev, bankruptcy, construction, building firms, winter cleaning, Road Agency
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