Dobrev: VMZ-Sopot needs restructuring in order to find a buyer

Without structural changes and reduction of staff, VMZ-Sopot will not find an investor. Selling the plant is the only solution. Indeed, the future of the company cannot be secured without an investor, Minister of Economy, Energy and Tourism Delian Dobrev said on NTV on Tuesday, regarding the munitions factory in Sopot, the privatisation procedure of which failed.

According to Dobrev, the Ministry of Economy is starting talks with trade union representatives so that certain reforms be made in the factory, mainly related to the reduction of a great number of workers.

"We may eventually consider the idea of selling without a strategy. There have already been procedures with no specific strategy, but we have achieved some good results in talks with trade unions, for example, in terms of the sale of Bulgartabac," said Karanikolov.

Dobrev explained that, currently, the company is facing several major problems. These include not only outstanding wages, but also the impending insolvency proceedings on January 21.

Over the past 15 years, VMZ-Sopot has accumulated some serious liabilities, amounting to over BGN 150 mln. These include BGN 100 mln to private lenders who are now initiating insolvency proceedings. "And if the plant goes bankrupt, this will mean a negative outcome of the situation," said Dobrev.

"We have already had talks, so that part of VMZ's workers, who will be made redundant be employed by the municipality or other private companies in the region. However, such restructuring must happen, since, otherwise, we will not be able to save the company from bankruptcy. And this would mean that there will be no wages at all," said Dobrev.

Dobrev categorically rejected Monday's statement of CITUB's leader Plamen Dimitrov that VMZ-Sopot may "merge" with defence industry company Terem, owned by the Ministry of Defence and be saved in this way. According to him, such an option is completely impossible and a merger of the two companies would even worsen VMZ-Sopot's state.

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