Germany's FMS Wertmanagement Freezes BDZ Bank Accounts

Germany's FMS Wertmanagement Freezes BDZ Bank Accounts

German bad bank FMS Wertmanagement has frozen the bank accounts of Bulgarian railway holding company BDZ over 11 million euro ($15 million) in overdue debts, BDZ said.

The move is unlikely to affect BDZ's operations as the company is holding talks with creditors and expects that the situation will be resolved shortly, a BDZ spokesman said.

BDZ’s outstanding debts amount to 150 million levs, the company's spokesman added.

Bulgaria's transport ministry has been trying to negotiate with creditors a rescheduling of BDZ’s debts over 10 years. In December transport minister Danail Papazov said that BDZ has signed debt rescheduling agreements with Allianz Bulgaria and Ireland-based Depfa Bank without elaborating further.

Last month Papazov said BDZ was expected to post a loss of some 5.0 million levs in 2013, adding that its liabilities decreased to 624 million levs at the end of December from 724 million levs at the end of May.

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