Bulgaria: auction of assets of former glassworks

The Rousse division of the Bulgarian Agency for Government Claims has announced that assets of former glassworks Interior AD of Elena will be auctioned to pay the company“s debts. Included in the sal…

The Rousse division of the Bulgarian Agency for Government Claims has announced that assets of former glassworks Interior AD of Elena will be auctioned to pay the company“s debts. Included in the sale are 28 pieces of property and the accompanying assets: glass bottle production facilities, warehouses, machinery, workshops, garages, a heating plant, and administrative building. The company has 14.4 hectares of land and assets worth BGN 1.9 million by balance-sheet value, as well as unsold stock worth some BGN 330,000. The reserve price of the property to be auctioned is BGN 155,500. Interior AD has debts of more than BGN 1.2 million with staff and with the local electricity supplier. It has been idle for more than three years. The company“s receivables from clients total BGN 800,000 or so. The losses were accrued mainly from export of bottles to Macedonia and Moldova. The company is owed large amounts by Bulgarian wineries for unpaid orders of wine bottles. Interior AD was sold for investment vouchers during the first wave of mass privatisations in 1997. Forty-three percent of the capital is held by Severcoop Gamza, 25% by St. Sofia Holding, 11% by the state and 18% by individuals. Since privatisation, BGN 1.2 million has been invested in the glassworks.