Bulgaria Eyes Majority Stake in Troubled Machine Repair Company

Bulgaria Eyes Majority Stake in Troubled Machine Repair Company

Bulgaria's economy ministry and the state-run Bulgarian Energy Holding are holding preliminary talks on the acquisition of a majority stake in troubled industrial machine repair company Remotex-Radnevo, the ministry said.
The move would make it possible to retain the workers and pay them their wages regularly, the ministry said in an statement.
Remotex-Radnevo employs 561 and currently owes its workers some 3.5 million levs ($2.45 million/1.8 million euro) in back wages, it added.
"The economy ministry and BEH plan to rehabilitate Remotex-Radnevo, which would contribute to the company's sustained development in the long term," the ministry said.
Remotex-Radnevo is one of the largest repair companies for heavy mining, transport and energy equipment in Bulgaria.
According to Sofia-based Capital Daily, it was privatised by a local company Polet 21 in 2002.

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