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The eBearing News
December 27, 2004
Bulgaria Reschedules VMZ Sopot Debt
copyright © 2004 eBearing Inc.
Bulgaria's cabinet has voted to reschedule the public debt of
the Vazovski Mashinostroitelni Zavodi Co. in Sopot (VMZ Sopot), allowing another
ten years for payment.
VMZ Sopot, subject of a privatization effort that started in 2001, still carries a total
debt load of 54.6 million Leva (USD $37.8 million), which it cannot pay.
Founded in 1936 for military production, the giant VMZ machine works in Sopot in recent years were
put to manufacturing everything from vacuum cleaners to bicycles, shoes and furniture. On the
military side, the production capabilities are extensive and modern, for producing rockets, guided
missiles and artillery ammunition.
SKF AB (Sweden) acquired the bearing manufacturing facilities in 2002, contributing 14.3 million Leva
($9.8 million) in cash.
• article: SKF completes acquisition of VMZ Sopot bearing works
The pressure casting facility was also sold, to Erato Trimex, for 750,000 Leva ($519,000).
However, almost four years later, the Bulgarian government still not credited VMZ's accounts
for the cash received from SKF or Erato Trimex, so VMZ's true debt load remains unknown.
Adding to the confusion, VMZ Sopot's tax base has not been recalculated since 2000, before the bearing and
pressure casting facilities were sold.
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- by Bruce A. Carr
from individual research,
tips and commercial sources.
Unauthorized reproduction is prohibited.
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eBearing.com ... for everything that moves™
Entire contents Copyright 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered
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eBearing.com ... for everything that moves™
Entire contents Copyright © 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered trademarks of eBearing Inc.
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