BAC ASSETS ESTIMATED AT BGN7MN
On November 8, the Central Cooperative Bank (CCB) received a written invitation from the trustee in bankruptcy of Bank for Agricultural Credit (BAC), Iglika Logofetova, to submit an offer for the acquisition of the insolvent credit institution. According to the evaluation made by the Impact company, BAC's total assets are worth some BGN7MN.Debtors of the bankrupt bank are some of the most scandalous companies included in the list of the credit millionaires. If CCB acquires the bank's assets, its managers will face difficulties collecting their receivables.Among the biggest debtors of the bankrupt BAC is Bulgarleasing which has to pay off over USD10MN. However, since 1996 the company has been refusing to reedem its debt.Difficult negotiations are about to start with the former owner and ex-chairman of the board of directors of the bankrupt agricultural bank, Atanas Tilev. His companies owe more than USD5MN.Credits that Agropromstroy AD, run by the businessman Borislav Slavchov, has failed to pay off to BAC exceed DEM40MN. The company was declared insolvent, but earlier this month its trustee in bankruptcy, Boyan Panov, sold all assets of Agropromstroy to its former owner Slavchov at a profit and in violation of the law.BAC's trustee in bankruptcy Iglika Logofetova warned the prosecutors for this operation immediately. Whatever measures are taken, though, if CCB acquires BAC it will inherit the Agropromstroy case as well. Businessmen familiar with the methods of CCB's managers comment that the deal for transfer of the debtor's assets will automatically become a problem for the trustee in bankruptcy Panov and for Borislav Slavchov.