Банкеръ Weekly



Selling off the assets of the fertilizer manufacturer Agrobiochim of Stara Zagora continues despite some problematic deals. On June 15 the trustees in bankruptcy Kiril Karagyozov and Dimiter Smilenov will offer for the 211th time in succession the assets of the fertilizer producer. They'll try to sell two plots of 1,371 sq. m and 2,461 sq. m at initial tender prices of BGN12,800 and BGN19,500 respectively. The candidate buyers could also bid for cupboards, pumps, fans, and other assets of the company, evaluated at a total of BGN169,300. A subway and two railroad lines, estimated at BGN60,300, will be also offered for sale on July 15. The trustees in bankruptcy have obviously picked mid-summer as an appropriate time for cashing Agrobiochim's assets, because in addition to the above-mentioned items, another group of articles, evaluated at BGN64,000-plus, will be put up for sale as well. Mr. Karagyozov and Mr. Smilenov are definitely not worried by an eventual lack of interest towards the company's assets. So far they have succeeded to satisfy claims for more than BGN10MN. A considerable part of that amount was due to employees, whose remuneration has been almost entirely paid off. All liabilities of the company are about BGN95MN. Bulgargas is its biggest creditor, with receivables of almost BGN60MN. But as loan has not been ensured Bulgargas is waiting its turn in the queue with the other creditors. It's not clear, however, when it will get it money, the more so that lawsuits have already been initiated for some of the deals, closed by the trustees in bankruptcy. It turned out that the selling of Agrobiochim's assets was not so problem-free. The most contested sale was effected in 2003 when the two trustees in bankruptcy sold two self-contained parts of the enterprise - the workshops for production of ammonium nitrate and nitric acid - against BGN4.5MN, ignoring an offer of almost BGN8MN. According to experts, their aggregate value is not less than BGN12MN. The assets were purchased by a consortium between Smart Chemicals and the Dutch company Yevometal Stainless processing. The higher bid was offered by IPM OOD, owned by Ivan Minev. The deal is being attacked by the prosecutors office, which wants to declare it null and void. The problem is that the deal includes 100 dca of land, that has been sold, and according to Bulgarian legislation foreigners are not allowed to buy land. Immediately after acquiring it, however, the Dutch transferred it to a Bulgarian company. Agrobiochim was declared insolvent in 2001. The enterprise was producing ammonium nitrate, but in 1999 it stopped operation. At that time the Privatisation Agency (PA) sold the bulk of its production assets as self-contained parts. Among them were: the workshop for dicalcium phosphate, the workshop for production and packing of foodstuffs, the manufacture of caprolactam, of technical phosphates, technical carbon dioxide, and gaseous oxygen and nitrogen.

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