Банкеръ Weekly



The trustee in bankruptcy of the failed Bank for Agricultural Credit (BAC) Iglika Logofetova informed the BANKER weekly that she would try to sell out all its stakes and shares by the year-end.The specific thing in this case is that the stakes can be offered to the other partners in the company, while the stocks should be mandatorily sold out at a tender, Ms. Logofetova explained.BAC's shares in the Bulgarian Stock Exchange and in the Saglasie Pensions Insurance Company will be put up for sale at a tender. The bank's corporate stocks from the Varna-based Rodacar (in which BAC holds 5% of the capital) will be also offered for public sale. Rodacar is the company of BAC's former owner and Chairman of the Board of Directors Atanas Tilev. The company owns the much advertised in 1995 plant near Varna, where Rover automobiles were to be manufactured. The undertaking was presented months on end in the mass media, but its end did not much differ from those of other initiatives of Mr. Tilev. The project was brought to naught. The model, which Rover began to produce in Bulgaria was outdated and at the same time was too expensive for the Bulgarian customers.BAC's trustee in bankruptcy intends to sell also the failed finanacial institution's stakes in Neftoimpex OOD and in Ecotechnologies OOD. They will be first offered to the other owners of the two companies.If they do not declare within a month willingness to purchase the stakes, we'll put them up for public sale Ms. Logofetova specified for the BANKER weekly.BAC holds five stakes in Neftoimpex OOD. The company was established in 1991 by the Bourgas-based oil refinery Neftochim and the company Petrol AD, which held a monopoly position on the local fuel market at that time. In 1997 Petrol AD sold its shares in Neftoimpex OOD to the oil refinery, which became almost the single owner of the company. After Neftochim was purchased by LUKoil Bulgaria, Neftoimpex OOD passed into the hands of the oil refinery's new owner. BAC's stakes in the company have already been evaluated and the trustee in bankruptcy Iglika Logofetova has offered LUKoil Bulgaria to buy them out.Unlike the above-mentioned companies, Ecotechnologies OOD is one of BAC's big debtors. Its liabilities to the failed credit institution exceed BGN7MN. Ms. Logofetova has filed to the Sofia City Court a claim for adjudicating the company insolvent. The successive hearing of the case has been scheduled for September 2002.

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