Bulgaria Buys 14 Mln Euro Stake in Troubled Ammo Maker VMZ Sopot

Bulgaria Buys 14 Mln Euro Stake in Troubled Ammo Maker VMZ Sopot

A state-run special purpose company has acquired 27.5 million levs ($18 million/14 million euro) worth of shares in troubled Bulgarian ammo manufacturer VMZ Sopot in a capital increase, the economy ministry said.
The State Consolidation Company bought the shares as part of VMZ Sopot's restructuring, ensuring fresh funds to settle debts and wage arrears, the ministry said in a press release.

Last month, economy minister Dragomir Stoynev said that the heavily indebted company should remain state-owned and promised to help it win long-term contracts. 

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