Банкеръ Weekly

Briefs

LEGAL ADVISER OF BCC ASSUMES MAGEMENT OF ARMIMEX

The Sofia-based armaments company Armimex already has new trustees in bankruptcy - Mariana Nikolova nd Iglika Logofetova. Ana Milenkova and Stefan Georgiev were dismissed from their positions on the insistance of the main creditor - the Russian company Rossvooruzhenie. The replacement had to take place a month ago, but the meeting of creditors was postponed as Mr. Georgiev was ill. Iglika Logofetova is well-known in Bulgarian financial circles, as she was a trustee in bankruptcy of Bank for Agricultural Credit and of Private Agricultural and Investment Bank. Presently, Ms. Logofetova is a legal adviser of the Bank Consolidation Company (BCC).Rossvooruzhenie demanded Armimex's adjudication in bankruptcy back in 1998 due to a debt of USD3MN. However, the company went into inslvency procedures on June 14, 2000. At that time Ana Milenkova and Stefan Georgiev were appointed trustees in bankruptcy. The armamants enterprise was set up as an assignee of Chief Engineering Department with the Ministry of Defence, which in socialist times was in charge of some of the exports of arms products. Armimex was also entrusted to mediate in the issuance of licences for the production of Russian arms by the Bulgarian enterprises of the Military Industrial Complex. Later on, however, this privilege was revoked. Shareholders in Armimex are: Metalchim Holding (with a 26% stake), the Vazov Mechanical Engineering Works and Arsenal (each of them with a 15% stake), and some other companies of the Military Industrial Complex that hold smaller shares.

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