State Rail Co to Swap 31 Mln Euro Debt to Infrastructure Operator for Equity

State Rail Co to Swap 31 Mln Euro Debt to Infrastructure Operator for Equity

Bulgaria's state railway company Holding BDZ will convert a debt of 60 million lev ($40 million/31 million euro) to the National Railway Infrastructure Company (NRIC) into equity by the end of 2014, the transport ministry said.
The debt-for-equity swap, part of the government's programme for the recovery of BDZ and NRIC, will take place in three stages, the ministry said in a press release.
By July 15, BDZ plans to swap 12 million lev debt. By the end of 2013, this amount will increase to 25 million levs.
The assets, which NRIC will acquire under deal, will be put up for sale in three stages, ending June 30, 2015.
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