Bulgaria Seeks Six-year Rescheduling Of Railway Co Bond Debt
Bulgaria has asked for a six-year rescheduling of payments on a 120 million euro ($164 million) bond issued by the state-owned railway operator BDZ, the country’s transport ministry said on Thursday.
Bulgaria has asked the European Commission to allow the transfer of funds from the state budget to BDZ which, together with own resources of the railway holding company, would allow for rescheduled payments on its bond, the ministry told SeeNews in an email.
The holding company's overdue payments on the bond add up to 76 million levs, according to the ministry.
BDZ’s total liabilities amounted to 598 million levs as at May 31.
In May, the company said creditors will put up for sale 25 diesel railcars and over 5,000 wagons as a collateral on the 120 million euro bond.