Sun, Nov 08 2009

BULGARIA'S VARNA SHIPYARD GOES BANKRUPT

Wed, Dec 13 2006 15:48 CET 609 Views

Varna shipyard's bankruptcy declaration procedure would be over by Christmas 2006, Varna Regional Court (VRC) said.

The procedure began in 1999, Darik Radio said.

Shipyard possessions were sold out in the past several years. The sum earned was divided between the two big creditors and the nearly 5000 employees of the shipyard.

The total sum divided was 37.5 million leva. The majority, 35.5 million leva, was given to the creditors, Darik said.

Varna shipyard still owes 146.5 million leva to more than 5000 creditors. Only a small part of the debt, 6.8 million leva, had to be payed to the employees. The shipyard owes the other 139.5 million leva to the state and commercial creditors, but is unable to pay.

Shipyard income in the past year and a half was spent only on document archives.

VRC scheduled the final meeting of Varna shipyard creditors for December 15 2006 after which a decision on declaring bankruptcy will be taken.

Write comment

Name:Comment:

Generate new code
Send your comment

More in this category

Bulgaria unemployment rate reaches 8.23% in October

Seven thousand people lost their jobs in October, labour minister says

EasyJet offers 30% promotional discount on all destinations

Once the promotional tickets are purchased during the discount window, they will be valid for the period January 4–March 30 2010

Long awaited repairs

Flannagan’s will be replaced by a French brasserie as part of a 10 million euro Radisson renovation

Mobile operator Globul reports 8.1% revenue drop in Q3

Globul has accumulated a profit of 139.1 million euro for the period January – September 2009, or a 0.3 per cent drop as opposed on last year’s results

Plotting the course

After 100 days in office, Finance Minister Simeon Dyankov pinpoints 10 key issues for Cabinet in ‘the next 100 days’

© 2000-2009, Sofia Echo Media Ltd.

Web Design by RIZN

Sofia Echo Media is part of the Economedia Group.
The news and information content on this website is provided by our editorial team and is copyrighted. Any unauthorised reproduction or use of it is strictly forbidden. Reproduction of this website's content is permitted only with prior written permission from the Editor-in-Chief, should be propertly acredited and provide an active link back to our site. Comments posted by the website's visitors are independent of the editorial materials and do not represent the views of sofiaecho.com. Sofia Echo Media cannot be held responsible for the statements contained in visitor comments. The percentаge change in the shares' prices are based on the price of the last transaction of the current session compared to the price of the last transaction of the previous session. Bulgarian Stock Exchange data is not real-time, but updated every 15 minutes, and should not be used as a basis for decisions about buying or selling stock options.