Банкеръ Weekly

Briefs

NAVIBULGAR WILL GET A GERMAN CREDIT

In end-February Navigation Maritime Bulgare (Navibulgar) of Varna will get the BGN23.1MN loan it has demanded from the German bank Kamburgische Landesbank. On January 21 the company got a permission from the Privatisation Agency (PA) to use the credit. (A permission is necessary as Navibulgar is in divestment procedures). The allocation of the loan was postponed by a few days due to technical inaccuracies in the permission. Everything concerning the credit is all right. We'll get the money in the end of this month and in the beginning of March we'll utilize it for the completion of the two ships - Trapezitsa and Tsarevets, Navibulgar's press attache Vladimir Konstantinov specified. Navibulgar has also asked a permission from the PA to register five companies in Malta. These firms will be set up in order to transfer to their possession five vessels - Plana, Vola, Nessebar, Tsarevets and Dolly. They will be put in pledge in favour of the German creditor.

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