Банкеръ Weekly

Briefs

DOUNAVSKA KOPRINA WIIL CONTINUE TO OPERATE

Efforts will be made to rehabilitate Dounavska Koprina, the textile mills' Executive Director Snezhana Sourcheva said in front of the BANKER weekly. The first meeting of the enterprise's creditors was held during the week. The company itself has demanded to be declared bankrupt. On the propsal of the enterprise's Board of Directors the creditors unanimously approved the so far temporray trustee in bankruptcy Radoslav Farfarov as permanant trustee in bankruptcy. Apart from the meeting's agenda, the creditors have discussed the opportunity for the company to maintain its core activity.According to Ms. Sourcheva, the rehabilitation programme for Dounavska Korpina will be ready within a month. It will project loading the capacities of the weaving and tailoring workshops and reschedulement of the liabilities to small creditors. The problem regarding the ZUNK debt, amounting to BGN3.2MN, will come on the agenda next year, although the company has already sent to the Finance Ministry its proposal for its settlement. Dounavska Koprina demands a reduction of the debt, whose repayment has been rescheduled till the year 2011.The textile company was adjudicated bankrupt by a decision of the Rousse Regional Court on October 24. The company's managers resorted to the bankruptcy due to the failure to service the BGN11MN liabilities. Dounavska Korpina was landed in insolvency by its majority owner Muller Sons. The German company acquired 68% of the enterprise's capital on December 7, 1998, undertaking to invest DEM1.5MN within three years and repay all liabilities of the company.The buyer had also undertaken not to admit to declare the enterprise insolvent. The bankruptcy was announced after the 3-year term for controlling the fulfillment of the privatisation contract elapsed. However, the contract cannot be revoked due to the lack of such a clause in it. For the time being the Agency for Post-privatisation Control has only imposed sanctions of BGN2.3MN for its non-fulfillment, and has been forced to appeal to court for their collection.The Rousse-based enterprise is also suing the German company for accrued liabilities, totalling BGN5MN with the interest added. Part of them have been accrued under contracts for international consignment, others - from unpaid orders for production by materals supplied by the clients, intended for the German company. The Court of Arbitration with the Bulgarian Chamber of Commerce and Industry (BCCI) will extend its ruling on the case on December 17. This should be done in the presence of Muller Sons representative Mark Lieberman, who had disappered almost two years ago.Dounavska Koprina is fighting a battle at one more court front. The company's biggest creditor after the State - Bulgarleasing - is at law with the textile mills at the Court of Appeal in Veliko Tirnovo for a debt exceeding BGN1MN. The court's ruling is to be known on February 26, 2003.The enterprise resumed operations two months ago after it stopped work last year. We are presently negotiating with German companies as potential partners, and we project to begin talks with some Italian firms as well, Ms Sourcheva explained, denying that negotiations with Quelle have been held. According to her, the partnership with the Italian company Miroglio shall not continue.

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