Банкеръ Weekly



The Vratsa Regional Court is going to decide whether or not to initiate new insolvency proceedings for the Chimco fertilizer plant on October 19. The magistrates examined the results from the triple expertise of the economic situation of the combine on September 21. However, the expertise appeared incomplete and the experts were asked to make additional assessments. The parties in the case decided not to reveal information about its contents.The National Electricity Company (NEC) asked for declaring the Vratsa-based company bankrupt in November 2002. NEC's claims reached BGN33MN. The company was followed by Bulgargas which requested Chimco's insolvency, too. According to the state monopolist, the plant has accumulated its debt since 1996 as it failed to pay gas deliveries worth BGN70MN.According to Chimco's balance-sheet of the first half of 2004, its fixed assets total BGN225MN, of which machines and equipment are worth BGN175.8MN. They are down by nearly BGN40MN compared to the same period of 2003. The company's capital amounts to BGN13.6MN. The chemical combine reported a BGN112.6,000 profit for the first half of the year. However, the profit is mainly due to the sale of assets of the company. Three months earlier Chimco reported a loss amounting to BGN2.6MN, while uncovered prior losses reached BGN68MN.Chimco is owned by the off-shore AVST Trading company which holds 36.06% of its capital and Jagoil Limited which has a 35% stake. The rest of the shares are distributed among small shareholders.

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