Банкеръ Weekly



At a general meeting held on June 2, the assembly of the creditors of Balkancar Holding decided to evaluate the company through a method combining the net value of the assets and the liquidity value. Moreover, it became clear that the court will be the one to fix the remuneration of the evaluating company. The creditors' assembly was initially scheduled for May 14, but was later postponed for unknown reasons by the judge Nedkova who substituted the absent Zhaklin Komitova, judge in the insolvency case of the holding company.In the meantime, the Court of Appeal rejected a claim filed by the Privatisation Agency (PA) against the suspension of the company's privatisation, Balkancar's trustee in bankruptct Boyana Karaivanova said. The PA initiated a procedure for the divestment of Balkancar and the state-owned stakes in its subsidiaries on February 3. However, in the end of April, the Sofia City Court suspended the procedure because Balkancar Holding was directly declared insolvent last September.There is only one alternative for Balkancar - if the trustee in bankruptcy Boyana Karaivanova cashes down the holding's assets. This will be carried out in parts, she said, because in this case the property of the holding would cost more. It is not clear yet in what parts the property will be divided. Initially, the Ms. Karaivanova explained that the holding company would be sold as a whole. This method would attract better investors than a privatisation procedure, she said, because the new owner would not be obliged to pay off the company's liabilities. Obviously, she changed her mind.The company that will evaluate the holding will be chosen in a competition which will be invited in a few days. As the BANKER weekly already informed, the evaluation of the holding company will be impeded by the ongoing proceedings for distribution of its capital among the subsidiaries. In fact, the assets of these companies may be evaluated when these proceedings come to an end. The chaos concerning the stakes held by the holding company in its 14 car building subsidiaries arose when the Ministry of Economy decided to raise their capital while trying to take control over them. The Economy Ministry aimed at saving the companies in case that the court declared Balkancar insolvent. In March 2002, BGN4.2MN was provided by the State budget for that raise. Despite the resistance of the trustee in bankruptcy Karaivanova, the State managed to increase the capital of seven subsidiaries of the holding company and to acquire the majority stakes in them. Ms. Karaivanova appealed in court against these decisions and impeded the capital raise in two companies. However, the cancelation was immediately attacked by the State. Up to now, no other decisions have been made on these cases.Therefore, the evaluating company will first evaluate the movable property and the real estates of Balkancar Holding, its intellectual property, and its stakes in foreign subsidiaries. Even this evaluation will not be made before next autumn, the syndic said. Therefore, the creditors should expect to receive back their money no sooner than next year.In the meantime, it became clear that Toma Trayanov, acknowledged representative of Balkancar Holding by the Court of Appeal, withdrew from the company. He said he had found a better job. However, the trustee in bankruptcy claims, the company department at the Sofia City Court has not refused to register him as a director of the holding. That's why the Ministry of Economy proposed that Angel Alexandrov represent the company in the future. He has worked as director of the Balkancar subsidiary in Italy - Sibicar, while it was declared insolvent (the insolvency decision was announced on May 22, 2002). However, the court did not approve his application.

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