VARNA DISTRICT COURT TO EVALUATE NAVIBULGAR'S ASSETS
On Wednesday (November 19) Navigation Maritime Bulgare (Navibulgar) filed to the Varna District Court a claim for evaluation of the assets of the Varna Shipyard, that will be Navibulgar's contribution to the future joint venture (JV). The Bulyard consortium, which won the tender for acquiring 75% of the shipyard's assets, will be Navibulgar's partner in the JV. In the beginning of the week the candidate buyer submitted to the Sofia City Court the necessary documents for reregistration of the civil association as a joint-stock company. After the completion of the two procedures, Navibulgar and Bulyard will proceed with the establishment of the JV, Kamen Kirov, Chairman of Navibulgar's Board of Directors, announced. After the shipyard's assets are transferred, Navibulgar will hold about 9.9% of the new company's equity capital, and afterwards the majority share will be transferred to Bulyard. In the end of last week the consortium remitted USD1MN in advance to Navibulgar as a guarantee of the deal. The money is already in Navibulgar's accounts, Mr. Kirov specified. In end-October Bulyard won the procedure for setting up a JV for the management of the shipyard's assets by offering the highest price for the 75% stake. The sweetened bid of the company stands at USD16,666,000, improving its offer by USD2,333,000. Bulyard has also undertaken to invest USD17.7MN in the enterprise within three years.