Bulgaria Abandons Privatization of Cargo Railway Unit

Business | June 20, 2013, Thursday // 15:35
Bulgaria: Bulgaria Abandons Privatization of Cargo Railway Unit File photo by BGNES

The Bulgarian Agency for Privatization and Post-Privatization Control has decided to cancel the procedure for the privatization of the freight unit of the Bulgarian State Railways Company.

The Agency has noted that the decision was coordinated with the Ministry of Transport.
The Socialist-led government of PM Plamen Oresharski hinted that it would stop the privatization of the freight unit soon after it took over at the end of May.

In mid-November 2012, Bulgaria's Privatization Agency launched a second privatization procedure for BDZ's Freight Services, after the first one fell through.

The second attempt to sell the cargo unit of BDZ only included strategic and financial investors.

The planned privatization of BDZ's profit making unit, Freight Services, aimed to secure money to cover huge debts of the company and help revive its other unit, Passenger Services.

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Tags: privatizaiton, Danail Papazov, assets, cargo unit, bond, Bulgarian State Railways, BDZ, Freight Services, Passenger Services, Agency

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