Банкеръ Weekly



Albena AD will not issue a new bond loan until at least by mid-2002, Ivelina Grozeva, Chairperson of the company's Board of Directors (BoD), told the BANKER weekly. Ms Grozeva was appointed to that position at the general meeting of the company, held on June 23. The shareholders authorized the BoD to prepare an issue worth up to BGL15MN, bearing up to 10% interest rate, and a term-to-maturity not longer than 10 years. There are options for denominating the bonds in US dollars or in euro, instead of in Bulgarian levs, Ms Grozeva explained. However, it has not been specified yet for what purposes the collected money will go and if the new issue will be public or not.
The bond loan will be in compliance with the company's new investment programme that is presently under draft, Ms Grozeva (until now financial director of Albena AD) added. The seaside resort should continue to invest money in order to retain its fair current positions on the leisure industry market, she commented.
However, just the opposite stance was voiced by Assoc. Prof. Todor Radev, Rector of the Albena Intenational College, who was removed from the resort's BoD. According to him, the increased liabilities of the company could lead to its bankruptcy. Due to huge investment in the hotels' reconstruction and refurbishing over the last few years, the company's debts exceeded BGL58MN. However, the resort's assets are estimated at BGL143MN. Therefore, a danger of insolvency cannot be seen in view, at least according to the accounting reports made in the end of 2000. Experts believe that Albena AD's alleged financial problems are much exaggerated. Many credit institutions are said to be ready to lend loans to the resort, and this is indicative of the trust in the company.
The general meeting on June 23 voted for publicity of the company's first bond loan, which means that it can be listed for trade on the stock exchange. The bond issue is worth BGL5MN, 50% of which is held by DSK Bank. The remaining shares are in the hands of United Bulgarian Bank, the State Insurance Institute DZI, the Armeetz insurance company, and the Rodina pension fund. The issue bears an annual 9% yield and will mature in August 2002.

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