Банкеръ Weekly



The litigants in the Chimco bankruptcy case will be listened to by the Supreme Court of Cassation on March 15. The court's ruling will be known within a month. The supreme magistrates have been dealing with this case for almost a year now.Bulgargas, the National Electricity Company (NEC), and the Vratsa-based Chimco plant created a real court saga. NEC demanded Chimco's adjudication in bankruptcy back in November 2002, claiming receivables of BGN33MN. Bulgargas followed its example and also filed a claim for declaring Chimco insolvent. According to the gas monopolist, the combine has accumulated its debt by 1996 by failing to pay for fuel worth BGN70MN. The Vratsa-based enterprise challenged these receivables, saying that they have not been declared to the Privatisation Agency. In the course of the plant's privatisation, Bulgargas only claimed for BGN2MN. According to Chimco's Executive Director Nikolay Vuzev, this money has been paid off.Anyway, at the first two instances Chimco managed to avoid the insolvency proceedings. The magistrates then explained that the two monopolists' receivables had not been defined in terms of size and ground. While the supreme magistrates are now thinking over the case, the Vratsa-based chemical combine is getting ready to start operations. In a week or two, the production of ammonia will be restarted, its Executive Director promised.

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