Bulgarian State Railways Co Does Not Face Bankruptcy - CEO

Business | September 3, 2013, Tuesday // 11:35|  views

Hristiyan Krastev, Executive Director of Holding Bulgarian State Railways (Holding BDZ), photo by BGNES

The Bulgarian State Railways (BDZ) company will not go bankrupt, but it is hardly likely to report a profit, according to Hristiyan Krastev, Executive Director of Holding Bulgarian State Railways (Holding BDZ).

In a Tuesday interview, Krastev, as cited by the BGNES news agency, was adamant that the bankruptcy scenario for BDZ Holding had been avoided.

He noted, however, that BDZ Holding was hardly likely to report a profit because one of the units, BDZ Passenger Services, was a subsidized company.

"Talks with creditors continue, the experts are now in Brussels, and next week the creditors will return to Sofia. We are negotiating about a deferred payment scheme so that the bankruptcy of BDZ can be avoided," Krastev said, adding that the sides were likely to reach agreement in a few weeks' time.

The Executive Director of Holding BDZ was adamant that the creditors had no interest in the company going bankrupt and they wanted to get their money back.

Krastev further added that the new train schedule would be ready by September 15.

He informed that the new schedule would restore train service between a number of big and small train stations.

Krastev also assured that no staff cuts were planned, adding that the only job losses which could be expected concerned employees reaching retirement age.

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Tags: BDZ Holding, Bulgarian State Railways, bankruptcy


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