Банкеръ Weekly

Briefs

BALKANCAR STARTS SELLING PLANTS

The first tender for the sale of a subsidiary of the bankrupt Balkancar Holding has been scheduled for November 3. The bidding will be for 60% of the holding's shares in Balkancar Iskar of Mezdra, put up for sale at an initial price of BGN1,754,000. The enterprise has been operating at a loss since 1998 and its main assets (worth about BGN4.7MN) are in the form of unfinished construction. All Balkancar's stakes in both its Bulgarian and foreign subsidiaries will be put up for sale at tenders. They will drag along due to the holding's impossibility to pay for the simultaneous evaluation of the companies' assets. In the beginning of 2004 the holding's stakes in Balkancar 6 September (51%), Balkancar-Pleven (28.59%), and Balkancar Zvezda of Loukovit (60%), will be offered for sale. All of these enterprises are also operating at a loss. In fact, only 5 of all the 14 Bulgarian subsidiaries of the holding post profit in 2002. These are: Balkancar-G. Mihailov of Knezha, Balkancar Erma of Tran, Balkancar Ruen of Assenovgrad, Balkancar-ZP T. Petrov, and Balkancar ZPDEA G. Kostov of Sofia. Balkancar Holding was announced insolvent in September 2002 and the sale of its assets began on October 6, 2003. Since then the trustee in bankruptcy Boyana Karaivanova has invited three tenders, and another one - for spare parts - has been schedueld for November 11. Meanhwile, lawsuits regarding Balkancar's participation in its subsidiaries are still going on. Presently it holds majority shares in seven of them.

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