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            october 14, 2019

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Government to save BDZ from bankruptcy


The state will return immediately part of the tax credit it owes to the Bulgarian State Railways (BDZ) company to save it from inevitable bankruptcy.
This was announced Friday by the Transport Minister, Petar Mutafchiev, in an interview for the Novinar Daily.
During the next week the company must pay loans of BGN 26m (EUR 13.5m) to large western financial institutions.
Nearly BGN 20m EUR 10.4) must be paid to the German KfW Bankengruppe, which financed the delivery of the new Siemens trains.
Another BGN 6m (EUR 3.1) the railroad company must transfer to the World Bank on a loan financing the scheme of arrangement from 1995.
In the syndicates opinion, there is a possibility that salaries may be delayed (BGN 15M - EUR 7.8m a month), and BDZ remains with no money for exploitation expenses.
The syndicates are worried that this may lead to bankruptcy.

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