FIB joins the creditors of VMZ Sopot

The Plovdiv Regional Court has allowed First Investment Bank (FIB) to join as second creditor to the claim for opening insolvency procedures against VMZ Sopot. The magistrates postponed the lawsuit from January 21 to February 18, announced the court’s press office. The size of FIB’s claim is not known yet.

The legal action against VMZ Sopot is initiated by the joint-stock company Mehanichen Zavod (Mechanical Plant) Plant – Devin JSC, which has credited VMZ with over BGN 2 mln. VMZ’ liabilities to suppliers amount to around BGN 100 mln and these to the State to some BGN 50 mln. VMZ’ CEO Ivan Stoenchev has already announced that the closure of loss-making productions is part of the recovery programme for the enterprise, presented by the syndicates on Monday evening.

According to the economic analysis of VMZ’ management, some 900 workers should be sacked, some productions have to be merged, unprofitable ones have to be closed and the total expenses of the company for supplies have to be reduced.

The Minister of Economy, Energy and Tourism Delian Dobrev was presented with 11 different proposals for solving the problem at VMZ Sopot, said the town's Mayor Veselin Lichev, cited by Focus news agency.

On Thursday, the trade unions and the management of VMZ Sopot will discuss the recovery programme, when the effective strike will stop and how many workers will be laid off.

According to the syndicates, the number of sacked workers should not exceed 500, but the management of VMZ is of the opinion that this would be difficult because the liabilities of the plant amount to BGN 150 mln.

On Wednesday, January 23, Parliament is expected to vote on the removal of the enterprise from the list of companies which are of strategic importance to the national economy, whose privatisation is carried out only according to a special strategy adopted by the National Assembly.

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