Property of Bulgaria's Burgas Shipyards Put Up for Sale

Business | March 13, 2014, Thursday // 14:31| Views: | Comments: 0
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Bulgaria: Property of Bulgaria's Burgas Shipyards Put Up for Sale Photo by BGNES

The property of Bulgaria's Burgas Shipyards AD is being put up for sale.

The procedure was launched upon the request of the creditors and a writ of execution issued by the Burgas Regional Court, according to reports of the BGNES news agency.

The announcements have already been published in the public sales register.

The auctions, which will be held for different pieces of property, have been scheduled for April.

Mortgage free and injunction free plots will be sold first so that the creditors can have parts of the debts repaid. Mortgaged properties will be sold next.

The proceeds from the sale of all the property is expected to not suffice for paying the full amount of the debt. Sales of immovable property excluding big machines and facilities are expected to be announced, so that the prospective buyer can use the shipyard for its intended purpose.

The main creditor of Bulgaria's Burgas Shipyards AD is the First Investment Bank (FIB) but there are some 10-11 creditors more.

Burgas Shipyards AD also has debts to the Privatization and Post-Privatization Control Agency.

The most expensive piece of property has an initial auction price of BGN 47 M.

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Tags: shipyard, Burgas, auction, First Investment Bank, creditors
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