Банкеръ Weekly



No potential buyers have declared interest in the property of the fertilizer manufacurer Chimco. The assets totaling BGN4.2MN were offered at a secret tender, invited by the State Receivables Agency on February 18. The sale revenues were meant to redeem liabilities of the company to the National Insurance Institute and the tax authorities. The krypton-xenon workshop and a 1989 installation were among the assets offered for sale - at BGN40,000 and BGN3.7MN respectively. In two or three weeks we may announce a new tender and may cut the prices down to 80% of the initial ones, the agency's PR Anna Rouscheva said. According to art. 212 of the Tax Procedure Code, if the second tender proves unsuccessful too, prices should keep going down by 10% of the initial one but they should not fall below 50 per cent.According to Chimco Executive Director Nikolay Vuzev, the krypton-xenon workshop has never been in operation and is not linked to the main production. The owners of the chemical plant are not going to take part in the bidding, Mr. Vuzev added. He does not expect any potential buyers of the assets to appear.Chimco owes more than BGN2.2MN to the National Insurance Institute. However, its biggest creditors are Bulgargas (waiting for more than BGN70MN) and the National Electricity Company (BGN33MN). The creditors asked that the enterprise be declared insolvent in the end of 2002, but Chimco initiated contrary proceedings against them. Then the bankruptcy case reached the Supreme Cassation Court which is still to extend its ruling. The workers of the plant are not in a favourable condition, either - they haven't been paid more than BGN1.5MN.Chimco is owned by the offshore companies AVST Trading which controls 36.06% of its capital and Jagoil Ltd which holds a 35% stake. The state still owns 2.3% of the company's capital, and the rest of the shares are distributed among minority shareholders.

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