Pavlikeni-based Balkancar Zarya raises its capital to BGN 2.3 million
Article published from Reporter.gr on 2009-06-29 09:55:00Category: Business in Pavlikeni
Bulgarian manufacturer of rims and wheels for industrial vehicles Balkancar Zarya JSC (Pavlikeni) has received shareholders` approval to raise its capital by BGN 1 million to BGN 2.3 million.
The capital hike should be completed by the end of December. The company`s bondholders have urged for a capital increase, following the manufacturer`s failure to pay down its debt via a bond issue.
Moreover, the bondholders required that the company posted at least BGN 4.4 million in sales by the middle of the year and raised interest expenses by 20% from the end of March.
The company`s profit should be also transferred into a dedicated euro-denominated account with the trustee.
The capital hike should be completed by the end of December. The company`s bondholders have urged for a capital increase, following the manufacturer`s failure to pay down its debt via a bond issue.
Moreover, the bondholders required that the company posted at least BGN 4.4 million in sales by the middle of the year and raised interest expenses by 20% from the end of March.
The company`s profit should be also transferred into a dedicated euro-denominated account with the trustee.
