First Investment Bank Buys Major Portion of Assets of Bulgaria’s Remotex-Radnevo

First Investment Bank (Fibank) has paid BGN 8,893 M at an auction to acquire the main part of the assets of bankrupt machine building company Remotex-Radnevo.

Fibank now be able to get back around half of the loan of nearly BGN 16 M which it provided to the company for the repair of heavy mining equipment.

The auction was held at the Radnevo Regional Court, with Fibank, the biggest creditor of the bankrupt company, being the only participant.

A portion of the assets of Remotex-Radnevo remained unsold due to its liabilities to Bulgaria’s National Revenue Agency, but even when the remainder of the assets is sold, it will again go to the largest creditor of the machine building company instead of being used to pay workers’ salaries.

In a Friday interview for the Bulgarian National Radio, Boyka Boeva, trade union leader, informed that Remotex owed 19 salaries worth BGN 6-20 000 to each of the 680 workers at the company.

Thousands of cases have been opened over the unpaid salaries.

The Confederation of Independent Trade Unions in Bulgaria (CITUB) is to seek a meeting next week with the owners of the new company, Remotek M OOD, registered last week and created by the majority owner of Remotex-Radnevo, Greek national Ioannis Giofkos and Minstroy Holding AD.

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