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Bulgarian State Railways Debt Talks to Continue on Governmental Level

German financial institution FMS Wertmanagement has distrained the bank accounts of Bulgaria’s state-owned railway operator BDZ Holding over delayed debt payments amounting to BGN 150 million (about EUR 75 million). Berlin insisted that the issue with BDZ’s debts be solved on governmental level, BDZ CEO Hristian Krastev told daily newspaper Trud.

Krastev informed that a high-level meeting should take place within a few weeks. BDZ has been working towards extending debts payments over a period of ten years. Krastev however assured that the current distrain of BDZ Holding’s accounts will not impact the operation of its subsidiaries handling passenger and freight railway transport.

“FMS have refused to continue talks with us and have requested to meet Bulgarian prime minister Plamen Oresharski, finance minister Peter Chobanov and transport minister Danail Papazov”, BDZ CEO Krastev told Trud.

In May 2013 Krastev said that BDZ is trying to restructure promptly its debts topping BGN 474 million at the time, BGN 154 m being overdue, online newspaper Dnevnik wrote.


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