BDZ insists on rescheduling of debts to suppliers

We consider it necessary to negotiate with suppliers and creditors for the gradual repayment of the company's liabilities, stated yesterday Vladimir Vladimirov, Chairman of the Board of BDZ (Bulgarian State Railways) on BNT (Bulgarian National Television). So far, there has been such a disbursement practice. Should no agreement be reached, both BDZ - Passenger services Ltd and BDZ- Freight services Ltd will go bankrupt. This is one of the reasons for the BDZ management to demand an acceleration of reforms with the introduction of the five new measures. According to the managers of the Holding Bulgarian State Railways EAD, as a result, funds will be released for the repayment of the company's debts to banks and suppliers.

"In this way, we will be able to balance the revenues for a certain period, while rescuing the company from the crisis," explained also Vladimirov. If the planned reforms are implemented, it will be easier for us to borrow a loan from the World Bank, indicated he.

Particular interest in the purchase of BDZ-Freight services Ltd could be noticed, but potential investors also have financial difficulties. "Those companies that show interest either have their own problems or they lack the financial resources to penetrate the Bulgarian market," explained Vladimirov.

As a result of the privatisation of the holding company, the accumulated amount of some BGN 200 mln is expected to be spent on the BDZ's debt repayment. The Bulgarian Privatization Agency has not announced yet who will be selected for consultant on this sale.

The price of future sale transaction of 'BDZ-Freight services' Ltd will depend on the actual number of the bidding companies and on the final bid price. Vladimirov commented that the current EU economic situation was not favourable at all and he expressed concerns that the estimated cost might not be achieved and this would hinder the rehabilitation of the state railway company.
Meanwhile, trade unions are preparing to stage a general strike on November 24.

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