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PostSubject: Royal Potatoes go into administration   Mon Feb 28, 2011 11:13 am


Royal Potatoes go into administration

The manufacturer of blanched potato Belchin village, Samokov - Royal Potatoes, entered bankruptcy proceedings. It is clear from the circumstances, the company announced in the Commercial Register. Sofia City Court decided to initiate the procedure on January 6, 2011 In early February, was held and the meeting of creditors, who have proposed a permanent receiver for the company to be selected Alexander Kostadinov. It effectively act as such on 18 February.

Currently, the period for bringing claims against the company and making a list of creditors, the court must approve. With the appointment of a permanent receiver is started, and asset inventory, which must establish what has the company as loans, buildings, machinery, etc.. They will form the mass, which can be encashed the claims of creditors.

The Court held that Royal Potatoes was insolvent from January 21, 2009 Accordingly, a check of the company's ownership at that date.

At that time, managers of Royal Potatoes are still performing the Greek Investment Fund Growth of Global Finance "
- Ivaylo Simov, LPM, represented by Tzvetan Lazhanski, Samuel Jekova and Tsvetoslav Dumanov. Owner is Dumanov that several months earlier purchased Company shares from the Fund Growth "

Several months later - in the autumn of 2009, the company enters Stoyan Blagov, who through his company became the owner and took the leadership of the company. Entry Blagov however is accompanied by a requirement to redeem the bond issue of Royal Potatoes, issued in 2006 for 3 million. He purchased part and unredeemed despite signed agreements remain shares of mutual funds of Benchmark Asset Management and KD Investments.

Accordingly, the Funds seek their rights in court as "
Benchmark Fund 2 - Shares filed with the court an application for bankruptcy and seek additional rights under its agreement with Blagov. Ultimately, the judicial saga led to the sale of bonds by Blagov bailiff. Their buyer is the "
B and B International, owned by persons who are owners of Benchmark Asset Management. So C and C International became the largest creditor of the moment Royal Potatoes, a company enters bankruptcy proceedings.

We Blagov appeal to the Sofia City Court for the opening of the procedure. According to him, according to its development it would attract foreign investors in Royal pateystos, but for now it is out of the formula for attracting such in its agribusiness.

Meanwhile, the activities of the Royal Potatoes is stopped, and in December were released all employees because the company can not pay salaries, said Blagov told Dnevnik. According to him, the company completed a year of great loss mostly due to the termination of leases.

He did not say what the company has realized earnings, but noted that its liabilities amounted to about 10.2 million of them 216 thousand are to the state, to 160 thousand employees, about 6 million in outstanding bonds and the rest to suppliers and other creditors, he added. In any liquidation first to satisfy claims of the state and its employees, and then other creditors of the company.

So the main question is what assets owned Royal Potatoes, since their sale will pay obligations. It should have equipment with a carrying value of approximately 2 million, purchased with funds under SAPARD program several years ago. It is unclear whether the company will have to return the money under the program.

Royal Potatoes is among the group companies at the beginning of the crisis experienced liquidity problems and stopped servicing obligations under the bond issue. Followed a wave of restructuring of this type of debt. Similar problems were still looking decisions cosmetic company Alen Mak, real estate fund Intercapital Property Development REIT and others.

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