Bulgarian Railways to Lay Off 700 EmployeesFinance | May 12, 2014, Monday // 15:02| views
Photo by BGNES
Some 700 employees of the Bulgarian State Railways (BDZ) will be laid off in order to cut the costs of the financially troubled enterprise.
Transport Minister Danail Papazov expects to see a concrete plan from BDZ by the end of May on how to cut the administrative costs, in order to reassure the company's creditors. Last week, Papazov revealed that the state railways' debts amount to BGN 171M.
Currently, there are over 1,200 people working for BDZ. According to Papazov, the number should not be more than 400-500.
As it stands, the Bulgarian government would only be able to grant a financial package to BDZ if the company's international creditors agree on its restructuring model.
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