Банкеръ Weekly



The Supreme Court of Cassation repealed the ruling of the Vratsa Regional Court of July 2, 2003, by which the claims of Bulgargas and the National Electricity Company (NEC) for adjudicating Chimco insolvent were rejected. The magistrates returned the case to their colleagues from Vratsa with the motive that no sufficient proof had been collected about the economic and financial state of the chemical works and if the enterprise has stopped payments. NEC claims receivables of BGN33MN and the gas monopolist - BGN70MN. Expert examinations will be launched soon to establish the real situation. According to the company's 2003 balance sheet, its long-term assets totalled BGN264MN, and its liabilities amounted to BGN147MN. Its loss was BGN20.7MN. The accrued negative financial result for the last few years reached BGN68MN. Chimco's Executive Director Nikolay Vuzev told the BANKER weekly he was not worried by the ruling of the Supreme Court of Cassation, although the case goes back to the initial position in that way. Judging from its development so far, the outcome is hard to be predicted. Meanwhile, hopes that the fertilizer manufacturer would resume operation turned vain. Earlier Mr. Vuzev said this would probably happen this spring and even hired workers for carrying out the necessary repairs. However, it turned out that prices of ammonia and carbamide won't allow production to start now. Promises for the plant's recommissioning are now for the autumn.

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