Kitka accumulates debts

Glass and porcelain producer Kitka, located in Novi Pazar, eastern Bulgaria, has accumulated debts of about BGL 15 million.
Kitka“s debts to creditors stand at BGL 9.0 million and its debts to the B…

Glass and porcelain producer Kitka, located in Novi Pazar, eastern Bulgaria, has accumulated debts of about BGL 15 million. Kitka“s debts to creditors stand at BGL 9.0 million and its debts to the Bulgarian Agency on State Receivables are BGL 6.0 million. The regional court has recently initiated an insolvency procedure for the company. A recovery programme for Kitka is expected to be approved by the end of November 2002.