Банкеръ Weekly

Briefs

DUNARIT COUNTS ON THE PRIVATISATION AGENCY

We already have exponents of our interests in a number of countries, such as the Czech Republic, Poland, Russia, the Ukraine, Romania, and others, Krastyo Krastev, Executive Director of the Rousse-based Dunarit, said in front of the BANKER weekly. In end-March foreign military attaches began a tour round the Bulgarian enterprises of the Military Industrial Complex. They got acquainted with our products and production opportunities, Mr. Krastev added. According to him, the plant presently operates at 70% of its capacity despite its financial problems. Like most of the Bulgarian defence industry enterprises Dunarit has reorientated to civilian production. In end-2002 it increased the output of gas outfits for cars. The change in the product range of the enterprise was necessitated by its grave financial situation. The company's liabilities for 2002 amounted to some BGN28MN. Several claims against it have been initiated by creditors. Dunarit's biggest liabilities are to the State Reserve of Veliko Tirnovo, which claims receivables of USD250,000. Claims have been filed also by DSK Bank (for almost BGN70,000) and by a Tirgovishte-based company (for BGN20,000). In December 2002 the company's propery was distrained and evaluated. Racho Denev, executor of Rousse Regional Court, had to satisfy the creditors through sale of the enterprise's assets in the beginning of 2003. The enterprise's Executive Director announced he was holding negotiations with all creditors for settling the old liabilities and there were no insolvable problems with them. The sale of Dunarit's self-contained part - the mechanical plant Han Tervel - is being relied on for paying off the company's public liabilities. On January 16 the Privatisation Agency (PA) opened a procedure for its divestment. The method chosen for the privatisation is an open bidding tender. An initial price of BGN2.3MN was set. Two tenders were invited in March, but no candidate-buyer for Han Tervel has appeared so far, although several information memoranda have been purchased. A third tender has been scheduled for end-April. Dunarit was set up in 1991 as a subsidiary of the state-owned enterprise Metalchim of Sopot. A year later it became independent and its main activity was the production of technological equipment, machines for the food-processing industry, metal-processing equipment, and industrial explosives. In 1997, due to the loss of arms markets, the company changed and expanded the range of its products and operation. It began manufacturing plastic articles, shoes, and launched tourism and rehabilitation activiteis. On July 31, 1998 the PA opened a procedure for the divestment of Dunarit. The sale had to be effected through negotiations with potential buyers. On June 23, 1999 the procedure was cancelled for some time and the obligation to carry out the company's divestment was transferred to the Minister of Industry. He was authorized to prepare and close the deal on Dunarit. However, no deal has been effected till the present day. By tradition, a MEBO - Dunarit 2000 - was set up for the purchase of the enterprise, but it failed to realize the plan. In May 2002 the Management Board of Dunarit 2000 made a decision to wind down the MEBO and liquidation procedures were launched on October 25, 2002.

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