Court Declares Lead, Zinc Smelter OTZK Insolvent

Court Declares Lead, Zinc Smelter OTZK Insolvent

A district court has declared Bulgaria’s largest lead and zinc smelter OTZK insolvent, a court filing indicated.
"OTZK cannot cover its current (short-term) liabilities of 126.9 million levs ($88 million/64.9 million euro) with its liquid (short-term) assets of 91.02 million levs listed in its balance sheet as of June 30, 2013,” the Kurdzhali district court said in a filing.
The decision can be appealed within seven days.
A meeting of the company’s creditors will be held on December 18.
OTZK's net loss widened to 38 million levs ($26.4 million/19.4 million euro) in the first-half of 2012 from 5.1 million levs in the same period of 2012.
In September 2012, Sofia-based Harmonee 2012 bought 50% of indebted OTZK for 8.6 million levs.
 
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