Банкеръ Weekly

Briefs

BGL1.734MN WAS RECEIVED IN STOMANA ACCOUNTS

The Sofia-based company Ferricom won the tender for the air-separation equipment and the hydrogen station - autonomous part of the Pernik-based Stomana metallurgy plant. The winners offered BGL1,614,080, which is four times higher than the opening amount. Another Sofia-based company - Silicatichim baught the steel-casting shop for BGL120,000. The income from these deals will be used for satisfying the creditors of the Pernik-based plant. According to the rehabilitation plant, the first-class creditors of Stomana (those who have bought some time ago the debt to the former TSBank), the state and the company's employees will be compensated.
The negotiations for the sale of the thermal calibration shop, which were opened on December 22, 2000 are still ongoing. Among the candidates is the Finnish Hansatiko, which is actually a consortium of three Russian plants. It was selected as a buyer of the Danielli line, which is an autonomous part of the Pernik-based Kamet. At present the Russians are handling negotiations for both deals, as the contract for Danielli is not yet signed. The idea is Hansatiko to install the Danielli line on the grounds of the thermal calibration shop.
It will be interesting to see how the amounts received from the sale of authonomous parts of the company will be used, in case they exceed the amount of BGL42MN, necessary according to the rehabilitation plan. This is quite possible, as just the sale of the air-separation equipment brought almost BGL1.3MN. According to the plan, the state and the employees will be fully compensated, while the first-class creditors agreed on receiving 16.78% from the amount of BGL65.57MN they have submitted. Thus unexpectedly the non-secured creditors will also have the chance of receiving some compensation. The biggest among them are Bulgargaz and NEK. Their receivables amount to totally BGL150MN.

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