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No money to sell Bulgaria's Toplofikatsiya Sofia

After more than one year of negotiations between Sofia municipality and Parliament over the privatisation of Toplofikatsiya Sofia, the two institutions were stuck with the question of who would pick up the bill for the consultants, mediapool.bg reported.

On October 2, a mediapool.bg source at the municipality said that a consultant for the privatisation was not selected yet because there was no money to pay the consultant.

Around 1.5 million euro would be needed to pay a consultancy agency for advise to the municipality and the state on how to restructure and after that to sell its property, mediapool.bg said.

Theoretically, the consultants' bill could be paid from Toplofikatsiya's turnover, because the company is an independent entity, registered under Bulgaria's Trade Law. At the moment there is not enough money in the company to pay the consultant.

The question is very delicate, as mediapool.bg reports, with the local elections so nearby, paying a consultant out of money from clients would be politically a highly unpopular decision.

A proposal to pay the consultant out of the 15 million euro credit from the World Bank for changing part of the heating installation was blocked by Finance Minister Plamen Oresharski who refused to release the funds for any other use than what the credit was given for.

Municipality and ministry decided to follow the third possible procedure, mediapool.bg said, which was to announce a competition for a consultant with the condition that the consultant would pay for the analysis under the consultation. The fee would then simply be added to the price that the buyer would pay for Toplofikatsiya Sofia, was the reasoning.

Unless the consultant concludes after the analysis that a sales of Toplofikatsiya at this point is not necessary. Then the money would have to come out of turnover of the company.

According to recent data, Toplofikatsiya Sofia had a debt of 150 million leva to Bulgargaz.

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comments
Thursday, November 20 2008

Expat of the Week

mreynolds5000

Living in Sofia and trying to learn Bulgarian...well truthfully, I am not trying very hard. read more

What`s on in Bulgaria

Art

  • GONE WITH TIME
    What: Rada Tsankova has chosen this title for her solo exhibition because her paintings pose the following question: Are we the ones who go through time, or does time pass through us? It’s an eternal question and the discussion is intimate.
    When: Until November 20
    Where: Rakursi,4a Khan Kroum Str, Sofia
  • NEW YORK-BRUSSELS-SOFIA
    What: In Edmond Demirdjian's paintings the dynamics are evident as well as the unique rhythm of his colours that succeed in conveying the intensity of New York.
    When: Until November 28
    Where: Edmond Atelier,21 13-I March Str, Sofia

Live Music

  • HAGGARD and EXCITER in METAL MAYHEM
    What: For the first time in Bulgaria the symphonic thrash metal band from Germany, Haggard and the legendary Canadian outfit Exciter will hit the stage together. They will be joined by Remember Twilight and Balkanjii.
    When: November 20, 6pm
    Where: Blue Box club, Sofia
  • TEREN Music Parties
    What: Elements of Feelme Crew have been very active on the musical Tereni and there will be a lot more from them in the future. Teren (which translates into English as terrain) is Bulgarian slang for a house party.
    When: November 22, 10pm
    Where: Party Centre 4KM, Sofia
  • AL Di MEOLA QUARTET - NEW WORLD SINFONIA TOUR 2008
    What: The 2008 World Tour by guitar virtuoso Al Di Media and his quarter New World Sinfonia will culminate with two performances in Bulgaria.
    When: November 22 and 23
    Where: Plovdiv and Rousse
  • MIZIA: THE LISBON SONG (JAZZ)
    What: In her latest project, Susana Maria, aka Mizia, has returned to classical fado - the nostalgic, heartbreaking soulful sounds of the Portuguese capital’s dimmed and noisy taverns.
    When: November 29
    Where: Bulgaria Hall, Sofia