Court Postpones Hearing on Insolvency Claim against Arms Maker VMZ Sopot

Court Postpones Hearing on Insolvency Claim against Arms Maker VMZ Sopot

The district court in the city of Plovdiv postponed for February 18 a hearing on an insolvency claim against state-owned arms manufacturer VMZ Sopot in order to allow the parties to present additional evidence.

The claim was filed by local machine construction company Mehanichen Zavod - Devin.

Last week, the energy ministry said VMZ Sopot should downsize its staff by some 60% to 1,200 in order to avoid bankruptcy and find a buyer. The ministry's statement was released following a decision by the country's privatisation agency to cancel a procedure for the sale of a 100% stake in the company after the sole candidate buyer, local company Emko, failed to submit a deposit guarantee of 3.0 million euro ($4.0 million).

 

Cookies Preferences
Choose Type of Cookies You Accept Using


These cookies are required for the website to run and cannot be switched off. Such cookie are only set in response to actions made by you such as language, currency, login session, privacy preferences. You can set your browser to block these cookies but our site may not work then.


These cookies allow us to measure visitors traffic and see traffic sources by collecting information in data sets. They also help us understand which products and actions are more popular than others.


These cookies are usually set by our marketing and advertising partners. They may be used by them to build a profile of your interest and later show you relevant ads. If you do not allow these cookies you will not experience targeted ads for your interests.