Банкеръ Weekly



No date has been fixed yet for hearing the lawsuit at the Varna Court of Appeal, initiated by the Pernik-based company Eurometal, litigating the results of the tender for the Varna Shipyard's assets (held on April 2). But quarrels about the distribution of the money, paid for the enterprise, have already begun. On Tuesday (April 23) Dimitar Smilenov, one of the shipyard's trustees in bankruptcy told the BANKER weekly that the amount of BGN35.5MN, by which Navigation Maritime Bulgare (Navibulgar) won the auction and remitted to an account of the Varna Shipyard in Corporative Bank, would not be probably distributed among the first-class creditors only. According to Mr. Smilenov, there are loopholes in the Commercial Code, allowing both the workers and the State to get part of this money. He even claims that the former employees of the Varna Shipyard may sue the trustees in bankruptcy if they do not get a share of the BGN35.5MN.But the Executive Director of the Bank Consolidation Company (BCC) Nelly Kordovska does not see how the BCC and Central Cooperative Bank (CCB), which are the only two first-class creditors, would not get all the BGN35.5MN. This amount is smaller than the two creditors' total receivables and it is logical that they would get all the money. The trustees in bankruptcy are obliged to remit the money into BCC's and CCB's accounts, Ms. Kordovska underlined in front of the BANKER weekly. The money should be distributed in a proportion of 89:11, in compliance with BCC's and CCB's receivables from the Varna Shipyard. This means that the BCC should get about BGN31.6MN, and CCB - about BGN3.9MN.It is obvious that if there is any legal possibility for getting around the first-class creditors it would be seized and the battle for the money, paid by Navibulgar, would be fought to the end. The trustees in bankruptcy will then find themselves in the most awkward position. If they decide to distribute the money between the two first-class creditors, the others will initiate legal proceedings against them. If they choose the other option, they will be brought to court by the BCC and CCB. So, in both cases the court saga of the Varna Shipyard will certainly continue at full speed.

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