Cambridge Analytica Began a Insolvency Procedure
British company Cambridge Analytica, which is at the center of a Facebook scandal, has announced that it has begun insolvency proceedings and "stops all its operations immediately," says Bgnes.
Bulgarian billionaire Vassil Bozhkov has reduced his stake in Holding Roads from 10.57% to 0.79%, the company announced.
Last Thursday Bozhkov transferred 3 million shares in Holding Roads (9.78%) to Mak Cap EAD at BGN 1 apiece, the statement said.
The holding shed 4.2% of its market value on Tuesday, down to BGN 0.62 per piece.
The bank accounts of Holding Roads, controlled by Bulgarian billionaire Vassil Bozhkov, have not been frozen, representatives of the United Bulgarian Bank announced in the middle of October last year, denying earlier reports.
The holding shed 70.92% of its market value over one week that month.
Meanwhile an Elana trading analysts' review of indebted companies according to the main indices of the stock market SOFIX and BG40 showed that Evrohold Bulgaria, Petrol, Holding Roads and Kaolin are the companies with higher levels of debt as compared to the resources available.
According to the analysis the holding companies with bigger and more complicated structure will be closely monitored by investors and their shares will most probably lag behind the developments of the market in the mid-term.
Reports of Holding Roads frozen bank accounts surfaced days after Moststroy AD, a construction company believed to be controlled by Vassil Bozhkov, filed for bankruptcy after all its bank accounts were frozen because of unpaid debts.
A loan borrowed from the United Bulgarian Bank, a unit of the National Bank of Greece SA, was due on May 31, but the company said it had no money. Its construction machines and other equipment have been seized by Interlease, the company that leased them.
Analysts commented that the file for insolvency of Moststroy AD was very bad news for the Bulgarian capital market, but comes as no surprise. The precedent was feared to further dent the trust of the investors, particularly those from abroad, and make it more difficult to get credits from banks.
Sofia City Court however rejected the application for insolvency by Moststroy AD, saying it has decided not to presume insolvency as the company has sufficient assets.
Under local legislation a company, which has declared insolvency, can restructure and draw up a rehabilitation plan.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
FlixBus, the renowned European bus company, is set to launch new routes to and from Bulgaria in anticipation of the summer season
In a significant development, the Russian army has seized control of the pivotal village of Ocheretyne in the Donetsk region of Ukraine, a strategic location crucial for Ukrainian defense efforts
The price of retail lamb in Bulgaria has surged by 8.4% on an annual basis, according to statistics released by the Ministry of Agriculture and Food, with data sourced from SAPI indicating an average price of BGN 25.27 per kilogram as of April 10
In a concerning revelation, the ad hoc committee investigating the activities of Gleb Myshin uncovered that over the past three to four years, a staggering 343 candidates from the Russian Federation seeking Bulgarian citizenship were discovered to have su
As the summer season draws near, the issue of staffing in the tourism sector in Bulgaria comes to the forefront once again, with the workforce having to depend on individuals from foreign countries for yet another year
According to recent data from the Confederation of Independent Trade Unions of Bulgaria (CITUB), the financial strain on Bulgarian households continues to intensify
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022