A CZECH MAN BUYS ARMIMEX'S RECEIVABLE
A Czech citizen acquired a receivable of Armimex AD-Sofia from the Czech Agroplast company. The trustees in bankruptcy of the bankrupt Bulgarian arms trader, Iglika Logofetova and Mariana Nikolova, offered the receivable for sale on March 8. Since there were no other applicants, the Czech one managed to make the deal at a price close to the lowest one allowed by the law - slightly more than 75% of the debt's evaluation. The debt of the Czech company was assessed at USD90,240 and was sold for USD67,700. Its par value exceeds USD111,000.On March 8, the trustees in bankruptcy of Armimex also offered another receivable which did not attract potential buyers. Again, it is a receivable from a Czech company, KLM Group. It is estimated at USD11,490, while its face value is USD21,000. Information provided by the Czech commercial register shows that the debtor's capital amounts to CZK1MN. A second attempt for selling the debt in question will be made at a price half lower than the evaluation, i.e. USD5,745.Armimex was declared insolvent on June 6, 2003. Then the magistrates distrained its property. The cashing of the assets began on August 6, when office equipment was sold for some BGN18,000. Property totalling BGN74,000 and USD166,000 have been sold so far. The trustees in bankruptcy are still to sell a few more receivables, the biggest of which are from companies included in the Military Industrial Complex. The Sopot-based military plant owes the company USD800,000, while Terem has to pay off more than BGN1MN.Armimex's bankruptcy was provoked by a debt to the Russian Rosvoorujenie company. The liabilities of BGN5.8MN resulted from an unsettled arms deal. Another creditor of Armimex is Raport OOD, claiming BGN2.7MN. The total amount of Armimex's debts acknowledged by its trustees in bankruptcy is BGN8.6MN.