Kremikovtzi Headed To Liquidation

Kremikovtzi Headed To Liquidation
: The position of Minister of Economy, Energy and Tourism Traicho Traikov may not appeal to trade unions but at least its clear. The economy ministrys previous team was just postponing the problem

After the biggest creditors did not approve of the healing plan proposed, the state has no way to defend it, the minister of economy explained. The plan was illegal in terms of environment requirements, public payments cannot be delayed

Elena Dimitrova | 11.11.2009 18:21

The last still operating facilities of the Kremikovtzi metal plant are to be closed as well, and the enterprise will head towards liquidation, it became clear from statements of the ministers of economy, finance, and environment after the weekly session of the Council of Ministers. Today was the deadline by which Assignee in Bankruptcy Tzvetan Bankov waited for creditors statements on the healing plan proposed, envisaging transformation of the companys debts into stock and gradual restoration of some of the closed productions. Creditors, who would receive at the debts transformation 80% of the shares (bondholders), did not approve of the healing plan, so the assignee in bankruptcy is to file the decision with court to rule on it, Minister of Economy Traich Traikov explained. The most responsible thing we could undertake as a state and persons expected to keep some order in this process, is to carefully consider all acts and steps to be done= for that reason an interdisciplinary team was composed that drafted yesterday an action plan if Kremikovtzi shall undergo liquidation it should go normally and not chaos bursting in Sofias area, people to get to the streets, and nobody to know what is being done, Traikov said.

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