Greek Citizen Acquires Troubled Bulgarian Company Remotex-Radnevo
Greek citizen Ioannis Giofkos has become the sole shareholder of Polet 21, the owner of troubled Bulgarian industrial machinery repair company Remotex-Radnevo, trade register data indicated.
Polet 21 was previously owned by Bulgarian citizens Sabin Spahiev and Galin Nedelchev, Bulgarian trade register data showed.
According to Sofia-based daily Capital, the value of the acquisition, which involved a series of transactions carried out in the February-June period, stood at some 500,000 levs (255,600 euro).
In April Bulgaria's government abandoned plans to acquire Remotex-Radnevo due to the huge amount of the company's debts.
Earlier this year, the country's economy ministry said it was considering acquiring a majority stake in Remotex-Radnevo in a move to save jobs and ensure regular payment of wages. It later said it could revise its plans if the company's current owner does not cut the asking price.
Insolvent Remotex-Radnevo used to be one of Bulgaria's largest providers of repair services for heavy mining, transport and energy equipment.