Банкеръ Weekly

Briefs

NOVA PLAMA TO BE SOLD

The Pleven-based Nova Plama refinery will be sold as a whole entity by the syndics Tsvetan Bankov and Valentin Georgiev, although the lawyers of the company are trying to stop the deal. The Pleven Regional Court rejected as unreasonable their appeal against the decision for the sale voted by the assembly of the company's creditors on September 9. The lawyers justified their appeal by saying that the meeting of the creditors was the first of its kind and, according to the Commercial Act, it should not vote the order and method of cashing the assets of the company. Besides, it is written in the appeal that Bankov and Georgiev have not presented an updated list of the receivables but came to the creditors' meeting with the list written six years ago when the first procedure for the company's insolvency was initiated.
The court's decision to reject the appeal is final. Still, it will lead to greater confusion in the refinery which is in the centre of a series of legal proceedings. Nova Plama keeps refuting the renewal of the insolvency procedure before the Supreme Court of Cassation which has not reviewed the appeal yet. It is almost certain already that until the supreme magistrates announce their opinion, the refinery will have been sold and their word will have become useless. In fact, criminal proceedings continue against the syndics who once accepted the receivables of the main creditors and doomed the company to an insolvency procedure. The case was resumed by decision of the Pleven Regional Court on July 20 at the request of Yorset Holding Bulgaria and DZI Bank. According to the creditors, the refinery is not carrying out its recovery plan according to which it has to pay off its BGN251MN debts in 35 years.

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