AGROBIOCHIM IS HEADING TOWARDS INSOLVENCY
Stara Zagora District Court gave a green light for Agrobiochim's insolvency lawsuit. That followed a claim by Bulgargaz, as Agrobiochim's debt to the company amounts to BGL45MN.
Some experts are of the opinion that the procedure was considerably delayed. More than a year ago it became clear that nobody is interested in privatising the plant's main production line. Since 1999 the Privatisation Agency is selling autonomous parts, but the income from these deals is only BGL2MN. This seems extremely inadequate compared to the BGL90MN in debts the company has incurred till September 30, 2000.
Hardly anyone would be sorry for declaring Agrobiochim insolvent.