AROMA HAS PAID OFF ITS LIABILITIES TO EBRD
The cosmetics manufacturer Aroma has paid the last USD3.3MN tranche of its loan from the European Bank for Reconstruction and Development (EBRD). The USD10MN credit was allocated in 1996 to Astera OOD, represented then by Lukan Lukanov and Krassimir Mitev, for implementation of the first joint project of the bank with a Bulgarian private company. On February 12, 1996 the Privatisation Agency (PA) sold to Astera 67% of Aroma EAD's capital.About USD3MN of the loan from the EBRD was spent during the divestment of the cosmetics enterprise, and the balance was invested in its technical renovation. The term for the credit's repayment was rescheduled in end-2001 till March 2003, but Aroma's managers decided not to wait for the deadline.