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).


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