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First Investment Bank Buys Burgas Shipyards for BGN 47.5 M

Business | April 22, 2014, Tuesday // 13:58

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Bulgaria: First Investment Bank Buys Burgas Shipyards for BGN 47.5 M

Photo by BGNES

First Investment Bank (FIB) has acquired Burgas Shipyards AD for BGN 47.5 M in a tender organized by a private judicial enforcer.

The tender was organized at the request of the bank, to which the company owes EUR 30 M.

The company also owes money to scores of companies and workers, according to Capital daily.

The activity of the Burgas Shipyards had been decelerating for months on end and all of its employees were laid off in December.

Now FIB has two years to sell the company.

Private judicial enforcer Tanya Madzharova told Capital daily that the bank would be entitled to deduct the sum owed by the Burgas Shipyards from the total amount it is to pay for its acquisition.

The tender for the core assets of the Burgas Shipyards was announced in mid-March at the request of FIB in its capacity as a main creditor.

The assets were organized into four properties, thereby enabling separate bidding.

The total area of the terrains put up for sale, including the associated buildings, was 562 000 square meters, out of a total of 800 000 square meters owned by the company.

The starting price of BGN 47 M accounted for 75% of the evaluation of the independent expert.

Meanwhile, insolvency proceedings against the Burgas Shipyards have been initiated by two entities, PST Holding, a company related to FIB, and by the new management of the company.

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