Bulgaria“s glass packaging producer Interior Glass was set to resume production on 1 June 2004, having been inactive since end 2000, it was reported on 27 May 2004.
Bulgarian firm Interior Glass, wh…
Bulgaria“s glass packaging producer Interior Glass was set to resume production on 1 June 2004, having been inactive since end 2000, it was reported on 27 May 2004. Bulgarian firm Interior Glass, which is the new owner of the indebted glass plant in the central town of Elena, has invested over BGL 2 million (USD 1.2 million/EUR 1.0 million) to resume production, company manager Ivan Slavov was quoted as saying. The first tank furnace will be put into operation on 1 June 2004, Slavov said. The furnace will produce three million glass bottles monthly. The plant“s second tank furnace will start operations at the end of 2004. The company will increase staff numbers to 150 by the end of June 2004 and to 240 by the end of the year, Slavov said. In 2003, Interior Glass, controlled by two local businessmen, bought 80% of the glassworks. In recent years the plant, which was previously owned by two holding companies, Severcoop Gamza and Sveta Sofia, built up over BGL1.2 million in outstanding debt to Bulgaria“s power utility, suppliers and employees. In 2003, Interior Glass bought the assets of the indebted glass maker in a tender which was run by Bulgaria“s State Receivables Collection Agency. In December 2003 the new owner started repairs on the plant“s gas storage and gas supply installation, which will allow it to reduce energy costs sharply. In April 2004, local Central Co-operative Bank extended a BGL 1.5 million, two-year loan to the plant for ongoing repairs and purchase of materials. Interior Glass will resume glass packaging production for the domestic market. The plant will provide bottles for the wineries in Suhindol and Dobrich. (EUR 1 = BGL 1.95583 )