Sofia Plans to Hire External Manager of Heating Utility

Sofia Plans to Hire External Manager of Heating Utility

Bulgaria's capital plans to hire an external manager to stabilise its debt-ridden heating utility Toplofikatsia Sofia, the Bulgarian National Radio quoted Sofia mayor Yordanka Fandakova as saying.

The future manager will be expected to invest in the heating utility and to cover its outstanding debts, Fandakpva said.

Earlier this week, state-owned Bulgarian Energy Holding said the heating utility's outstanding liabilities totalled 555 million levs ($390 million/284 million euro).

Fandakova also said that the heating utility will remain municipally-owned. The Sofia municipality is Toplofikatsia Sofia's sole owner.

The city authorities will hire a consultant to prepare an analysis and draft recommendations for the heating utility's management, Fandakova added.

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