Bulgarian municipalities to settle debt with Titan through BDB

Bulgarian municipalities to settle debt with Titan through BDB

At least 5 municipalities will pay back their obligations to the waste management companies of Titan International Holding through the state Bulgarian Development Bank (BDB), Dnevnik reported.

The debt will be settled under a scheme, agreed first by the Sofia municipality in late December, which stipulates the transfer of overdue payments through cession agreements with BDB, which will in turn hand them over to Titan, with local authorities to реимбурсе them within several months.

The news comes a day after one of Titan's owners, Dimitar Borissov, stated that the company would receive BGN 20 million of the debt piled up by municipalities through a cession agreement with a local bank. Borissov, however, declined to reveal the financial institution.

Apart from Sofia, which would settle under the scheme a debt of BGN 4 million, accumulated in the last three months of 2010, BDB has also reached agreements to collect the obligations of the municipalities of Haskovo and Vidin, which are estimated at around BGN 1.1 million.

Meanwhile, Smolyan mayor Dora Yankova told Dnevnik the town was currently negotiating the repayment of a BGN 1 million in debts under the mechanism.

According to unofficial information, the local authorities of Kurdzhali have also agreed to transfer their arrears to Titan through the bank.

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