Банкеръ Weekly



The Vratsa-based fertilizer manufacturer Chimco is again in expectation after the meeting of its creditors, scheduled for July 28, was postponed for unspecified time. The reason is the appointment of a new judge for the lawsuit regarding the company's insolvency who is yet to be acquainted with the gathered material.At the meeting the creditors had to consider two rehabilitation programmes and approve one of them or reject both. Stabilisation plans have been proposed by the Novo Chimco company and Inter RAO Bulgaria. Novo Chimco's plan, moved in by the chemical works' two trustees in bankruptcy Boris Borissov and Andon Rokov, projects repayment of half of its debts to the biggest creditors - Bulgargas and NEC within an 18-year period. Liabilities to the state will be paid off immediately after suspending the company's insolvency procedures. Novo Chimco is perhaps designated to implement the rehabilitation programme. The company is owned by Leonid Berenbaum (20%) and Jiovanni Delconte (80%). The latter is also owner of Indagro Bulgaria, the lessee of Chimco's assets.Inter RAO Bulgaria, which holds 38% of Chimco's capital, has offered to repay all its liabilities. The debts to Bulgargas and NEC have been rescheduled for ten years with a 3% annual interest. The liabilities to the state will be also paid within three days upon the suspending of insolvency procedures against the fertilizer manufacture. Insolvency procedures against Chimco began on December 7, 2004 on the insistence of the state monopolists Bulgargas and NEC, to which the chemical enterprise owes more than BGN150MN.

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