Банкеръ Weekly

Briefs

CHAVDAR TO START OPERATION IN APRIL EARLIEST

The new owner of the main production sites of Chavdar, the Botevgrad-based bus producer, will come not earlier than April, said to the Banker weekly Nikolay Nikolov, the plant's liquidator. At present a new asset evaluation is ongoing, and it is expected to be finalised by the end of March. A new privatization procedure for the bus production will be set up only after that.
The previous tender, held in November 2000, practically failed, as one single offer was placed for the Car Chassis Plant - an independent part of Chavdar. The offer was placed by the local company AGM Ltd. Buyers were supposed to transfer the offered amount to the plant's bank accounts along with the placement of the offer. They, however, requested a grace period, which is actually still valid. The last deadline defined by the plant's liquidator was February 20, 2001. If the amount is not transferred, the Chassis Plant will undergo second tender.
Besides AGM, two other potential investors were also interested in buying the main production of the plant in November last year. A Bulgarian and a Saudi Arabian company bought the information memorandum, but they did not submit their offers. Chavdar's assets sale procedure held in November brought to the enterprise income of only BGL133,858 - the price paid for 26 busses and trucks. The resting estates, owned by the plant, were not sold out either.

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