Tuesday, February 5, 2013

Bulgarian Railways to claim bankruptcy.

Bulgarian Railways to claim bankruptcy.

Four European and one Bulgarian banks have paid a claim in bankruptcy to "BDZ Holding" in the London Court of Arbitration, and the Ministry of Transport of Bulgaria has not commented.
  The carrier has accumulated overdue loans of € 120 million.
  The loan has been agreed with a syndicate of banks, which includes four international and one Bulgarian banks.
Around 15% of the total loan amount allocated by a Bulgarian bank, which last week filed to participate in the privatization of "BDZ - Freight", which is expected to be completed in March this year.
  Submission of claims be interpreted as strong competition for the privatization of freight, or an attempt to reduce costs.

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