Assets of the Lead and Zinc Complex in Kardjali worth BGN 8.3 mln put up for sale

One of the largest creditors of the Lead and Zinc Complex in Kardjali - First Investment Bank (FIB) - won the case in court and obtained a writ of execution, BGNES posted on Saturday. This happened as the majority owner of the enterprise Valentin Zahariev was not able to either service the credit extended by FIB or pay to the hundreds of steelworkers and this practically lead to the closure of the lead and zinc smelter.

Zahariev has pledged as collateral for the loan half of the entire enterprise – the zinc producing unit - and the bank requires its sale in order to get its receivables. The initial price of the collateralised assets located on an area of 326,230 sq m is BGN 8,307,592 and the tender will be held today.

If no buyers turn up within the set one-month term, the collateralised buildings and production facilities will become property of FIB and the financial institution will dispose of them, informed sources requesting anonymity explained. According to them, the demanded initial price is a trifling part of the loan extended against the collateral. Even if buyers turn up, they will want to cut the equipment for scrap and the money from that would not cover even the initially set price, commented the sources.

The Lead and Zinc smelter has liabilities of about BGN 300 mln, nearly BGN 54 mln of these – to FIB. The credit is secured by buildings of the plant, ore concentrates and equipment for building entirely new facilities. A distraint has been imposed on the collateralised assets. According to informed sources, the idea is for the bank to take possession of the property and manage it through a company close to it.

In addition to FIB, the smelter has liabilities to two other banks - Credit Suisse and BNP Paribas.

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