Банкеръ Weekly

Briefs

EIB TO ACQUIRE ROUSSALKA VACATION VILLAGE AS WELL

Economic and Investment Bank will very soon acquire another jewel for its crown. The credit institution placed a claim with the Varna Court of Appeals demanding declaring Roussalka Vacation Village insolvent. The reason is the inability of Roussalka to repay the credit launched by the former state-owned Economic Bank. The debt was acquired along with the acquisition of the bankrupt bank assets by BRIBANK, later renamed to Economic and Investment Bank.
Roussalka's debt to the Economic and Investment bank plus the interest amounts to BGL773,000. At first sight the amount does not seem a big one, but a closer insight in the financial status of the resort show it won't be in a position to repay it without external support. Since mid-1999 the total assets of the company are negative. In July 2000 they reached minus BGL199,000.
The amount of Roussalka's liabilities is constantly growing, and they have currently reached an amount of about BGL3.6MN.

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