Банкеръ Weekly

Briefs

BEROE FAILS TO AVOID DISSECTION

The industrial robot producing plant based in Stara Zagora died after a serious illness. The last hopes to have Machproectengineering sold as a whole company faded away on November 1 when the one-month deadline for submission of offers by candidates expired. The lowest sale price at which the former Beroe plant was offered amounted to BGN9.3MN. However, no applicants appeared and now the two trustees in bankruptcy of the plant are going to begin selling its assets as independent parts. Tenders will start by the end of the current year.The main reason for the lack of interest is the fact that the ground on which the plant production powers are placed is subject to legal proceedings. The trustees in bankruptcy won some of them but only at first instance. The losing side in this case has a right to appeal when only the case goes to the Supreme Cassation Court.The agreement for the ground was signed on December 29, 2002. AKB Fores, the plant majority owner, sold the entire 106,000 sq m ground, along with all production units of the company. The price was ridiculous, to say the least. It amounted to just BGN90,300 considering that the tax assessment exceeded BGN4MN and the market value of the assets went beyond BGN8MN. The assets were bought by the Sliven-based Manity EOOD company. Just a few weeks later, the buyer itself was acquired by AKB Auditing House which renamed it into Novet company.The claim for cancellation of that deal was filed in March 2003. The magistrates in Stara Zagora took a decision in favour of the trustees in bankruptcy last November, but AKB appealed against it before the Plovdiv Court of Appeal. The appeal was only examined on March 5, 2004. The court did not make a decision on its latest meeting held on September 28, either.Machproectengineering was declared bankrupt on October 31, 2003. Its liabilities amount to nearly BGN11.5MN, of which BGN10MN to the State.

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