Банкеръ Weekly



Within a week or two tenders will be invited for the sale of workshops for the production of ammonium nitrate and nitric acid, which are a part of the bankrupt fertilizer manufacturer Agrobiochim. The company's trustee in bankruptcy Dimitar Smilenov (who fulfils the same function at the Varna Shipyard as well) explained that no candidate-buyers are likely to turn up, having in mind that the initial price for these depreciated capacities would be about BGN8.5MN. If no solvent interest is shown, the equipment will be cut up for scrap. This is good news for Agrobiochim's competitors - the enterprises in Dimitrovgrad, Devnya, and Vratza, as well as for the Pernik-based metallurgical works of Stomana, in whose furnaces the equipment will be probably smelt. The former workers in Agrobiochim and the municipality of Stara Zagora hardly share this opinion. So, good syndicate and political dividends will be surely drawn from this situation, but this won't help to resume the operation of the fertilizer manufacturer. Its capacities are the oldest in Bulgaria and there is no chance at all for them to function at a profit. The production line for ammonium nitrate, for example, was built in the 50s. Some time ago Acid and Fertilizers (owners of the Devnya-based Agropolychim) showed interest in the facility, but no deal was reache. There are no other candidates for the purchase of the production line for ammonium nitrate.The sale of Agrobiochim's assets began in in the end of 1999. The privatisation Agency managed to sell 12 self-contained parts agsinst BGN2MN. The money was spent on wages and payment of the debt to Bulgargas. Moreover, 63 smaller facilities were sold against BGN946,190 through an officer of the court.According to preliminary calculations, claims to Agrobiochim exceed BGN95,073,000. The long group of creditors with receivables of almost BGN49MN is topped by Bulgargas, the main supplier of input for the production of ammounium nitrate. The receivables of the National Electiricty Company are about BGN14MN. Marbas - Dimitrovgrad, Acid and Fertilizers, LUKOIL Neftochim, the Maritsa Iztok mines, Agrobiochim's employees and the State budget also have receivables (smaller) from the fertilizer manufacturer.

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