SVILOZA TO REPAY ITS DEBTS INSISTS VICE PRIME MINISTER JOTEV
The Svistov-based SVILOZA company, is either to start repaying its debt of USD10,88MN to BIOCHIM or the bank will initiate a legal procedure to collect it. The bank's Supervisory Board has rejected all offers for debt buy-out made until now by Daros Inc, based in the state of Delaware, an offshore zone. The only possibility for Daros Inc will be to pay USD6,4MN, but no arrangements for deferred payment will be made. Probably this is the reason why the bank's chief executive director Plamen Dobrev thinks that there will always be a way of settling the debt as long as the company has not fully repaid it. Till now, however, Daros Inc has not made a satisfactory offer, meeting all the requirements of the bank.
The Chairman of BIOCHIM's Supervisory Board, Vice Prime Minister Peter Jotev, has requested the Internal Audit Department to prepare a detailed report on debt history. Besides, Mr. Jotev has requested the Legal Department of the bank to outline in a report what are the legal actions to be taken for the debt collection. BIOCHIM staff mentioned that during the session, when Sviloza debt and Daros Inc offer were discussed, Vice Prime Minister was determined on not letting another case, similar to the deal with Plama debt, signed on Oct 28, 1998. According to the Agreement signed, BIOCHIM has accepted a 35-year deferred payment of a debt amounting to USD64MN.