Банкеръ Weekly

Briefs

EMIL KJULEV RIDED MINERALBANK

ROSSEXIMBANK, headed by Emil Kjulev, will most probably change its name after being declared by the Sofia City Court as owner of the assets of the bankrupt MINERALBANK. As the Banker weekly learned, a special competition will be announced for the name of the new bank.
Within two weeks ROSSEXIMBANK will have to undertake the management of MINERALBANK's assets, so that its creditors are repaid on time. According to the purchase contract for the bankrupt credit institution, ROSSEXIMBANK is going to repay BGL20.5MN. According to the Bank Act repayment of the above mentioned amount should start on March 14, 2001 - 30 days after the court ruling comes into force. The buyer is allowed to negotiate rescheduling of the payment with each creditor.
The credit institution, headed by Emil Kjulev, will cover all MINERALBANK's liabilities on 2000 accounts of companies and individuals - more than BGL13.83MN. About 65% of this amount should be transferred to NEK, Pharmacia JSCo. and Expomed. NEK should receive more than BGL5.95MN, the pharmaceutical company - BGL1.95MN, and Expomed - about BGL1.05MN. According to some sources from the financial circles Emil Kjulev has already reached an agreement with those three companies for rescheduling the payment of their receivables.
.That will enable him to pay the due amounts - about BGL4.88MN to the remaining creditors, and to distribute about BGL6.67MN among the financial institutions-creditors of MINERALBANK almost without using their own means, as they will get about BGL10MN from the bankrupt institution. Thus Kjulev and his team will have enough time to collect some of MINERALBANK's receivables. Among MINERALBANK's debtors are Plama, Injstroy, Vitosha 47, Atlas Leasing, Stambouly Enterprises, the Plovdiv-based Invart, where Hursev Co. is among the shareholders and a number of companies, which receivables Invart was supposed to collect.

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