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Bulgarian State Railways owes EUR 306 million to creditors

Bulgarian State Railways (BDZ) owes BGN 600 million (EUR 306 million) to its creditors and is planning to negotiate
for a repayment plan, Transport, Information Technology and Communications Minister Nikolina Angelakova stated.

Angelakova said the national budget has a small amount allocated for paying off part of the principal and the interest owed by BDZ, which is broken down into monthly payments of BGN 3 million until the year’s end. According to the Minister, the government is expecting a notification from the European Commission about BGN  172 million leva in state aid which should be provided for in the national budget scheme and which is for outstanding obligations. There is a BGN 195 million shortfall for scheduled and incidental repairs at BDZ, and there is no money to buy rolling stock, she added.

Angelakova  has denied a freight transport licence to TETs Bobov Dol-Tovarni Prevozi, because the applicant has failed to meet legal requirements, particularly financial stability standards.

The National Company for Railway Infrastructure is in the red by BGN 109 million for co-financing railway projects. That amount of money was not laid out in the national budget.

Source* Bulgarian News Agency

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