The debts of the Lead and Zinc Complex PLC-Kardjali exceed BGN 300 mln. There are no investors interested in the plant so far

“At present, there are no investors for the Lead and Zinc Complex Kardjali and the liabilities of the company exceed BGN 300 mln,” said Minister of Finance Simeon Djankov in Parliament yesterday.
“Lenders have informed us that they had a meeting with some potential investors. Because of the high indebtedness to the main crediting bank alone - so far no investor has confirmed that he would accept such a severe situation,” Djankov said.

According to him, the primary task is for the creditors of the plant to reach an agreement among themselves. “Last month, there were meetings aimed at avoiding the initiation of a bankruptcy procedure. Recent meetings have shown that after a temporary convergence of positions, it is still possible that some creditors will request a bankruptcy procedure by themselves. If this happens, all other creditors will have an interest in dragging the enterprise into such a procedure,” added the Finance Minister.

On the other hand, creditors are still not inclined to write off part of these liabilities. “As a financier, I believe that no investor will enter the enterprise before most of these liabilities have been written off. However, the creditors have informed us that, later this week, they will arrive in Sofia in order to continue the discussions, but a positive result can hardly be expected from this dialogue,” said Simeon Djankov.

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