Bulgaria Reschedules VMZ Sopot Debt

Resource from: www.ebearing.com Likes:2991

Dec 30,2004

Bulgaria's cabinet has voted to reschedule the public debt of the Vazovski Mashinostroitelni Zavodi Co. in Sopot (VMZ Sopot), allowing another ten years for payment. VMZ Sopot, subject of a privatization effort that started in 2001, still carries a total debt load of 54.6 million Leva (USD $37.8 million), which it cannot pay. Founded in 1936 for military production, the giant VMZ machine works in Sopot in recent years were put to manufacturing everything from vacuum cleaners to bicycles, shoes and furniture. On the military side, the production capabilities are extensive and modern, for producing rockets, guided missiles and artillery ammunition. SKF AB (Sweden) acquired the bearing manufacturing facilities in 2002, contributing 14.3 million Leva ($9.8 million) in cash. article: SKF completes acquisition of VMZ Sopot bearing works The pressure casting facility was also sold, to Erato Trimex, for 750,000 Leva ($519,000). However, almost four years later, the Bulgarian government still not credited VMZ's accounts for the cash received from SKF or Erato Trimex, so VMZ's true debt load remains unknown. Adding to the confusion, VMZ Sopot's tax base has not been recalculated since 2000, before the bearing and pressure casting facilities were sold.

(www.ebearing.com)

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