Банкеръ Weekly



Not a single candidate turned up at the tender for the Gabrovo Winery, held on February 24 by the company's trustee in bankruptcy Vladimir Ivanchev. The enterprise was offered for sale as a whole. It owns a yard of 16,114 sq. m on which are located a distillery, an electricity power transformer, a trade warehouse, a central heating utility, garages, an administrative building, warehouses for raw materials and two prefabricated houses. The winery has also plots of land in the villages of Lovindol (168 sq. m), Turharovo (95 sq. m), Ignatovtsi (430 sq. m) and Radovtsi (100 sq. m.). The total evaluation of the company's assets is BGN214,750. Under the Commercial Code, the initial tender price was 75% of the assets evaluation. After failure of the first tender the trustee in bankuptcy is obliged to appoint a second tender with a lower initial selling price. In February 2003 the winery 's owners demanded that it should be declared bankrupt due to the company's impossibility to service its liabilities to the State or to its suppliers. On May 23, 2003 the regional court of Gabrovo opened insolvency procedures and on January 23, 2003 decaled the winery bankrupt. On the same date the court ruled that its assets should be sold out and cashed. The company's debts amount to BGN712,000. Its biggest creditor is its major shareholder St. Sofia Holding, which has laid claims for almost BGN422,000. Among the other creditors are: Kemco International Ltd. (with receivables of BGN98,900, Bai Gencho OOD (with liabilities of BGN9,000), and Sidi OOD (almost BGN5,000). The Agency for State Receivables, on its part, claims BGN18,000. The public executor has already sold some of its assets and repaid part of the liabilities to the state. Employees also have overdue payments amounting to BGN17,500 and are listed as creditors. The Gabrovo-based enterprise was divested during the first wave of mass privatisation in 1995-1996. Shares in it were then acquired by St. Sofia Holding and its subsidiaries Persey Trading and Vedar Consult. 19.5% of its capital was sold in October 2000 to Gabrovo - 97 EOOD, represented by Peter Zdravkov. Currently, the winery's assets are distributed between St. Sofia Holding (with a 34% stake), Gabrovo - 97 (with 20.20%), and the Ministry of Economy (with 0.76%). The remaining shares are in the hands of natural persons. The state-owned share of Gabrovo Winery was included in the annual list of companies, approved in 2003 for privatisation through a centralized public tender.

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