Bulgarian Transport Minister Kristian Krastev has fired Vladimir Vladimirov, chairman of the Board of Directors of the troubled Bulgarian State Railways company, BDZ Holding. Another member of the Board of Directors, Emil Ivanov, has been also fired, according to local media. Vladimirov and Ivanov will be replaced by Chavdar Trendafilov and Nikolay Naydenov, the Bulgarian Transport Ministry has informed. The deadline for companies to submit their bids for privatization of the troubled Bulgarian State Railways company expires Friday. Several days ago, Krastev, launched emergency meetings to salvage BDZ from liquidation. He says the company is on the brink on collapsing, explaining the creditors are owed about EUR 35 M, while its total debt is over BGN 700 M. At the beginning of February, the Sofia City Court ordered a freeze of 100% of the assets of the cargo unit of Bulgarian State Railways company, BDZ Holding. The freeze happened on the request of the Dublin-based German-Irish bank Depfa Bank, which owns bonds from the first bond loan for BDZ. BDZ owes to Depfa about BGN 6.3 M. The news came on the heels of reports that five banks have filed a claim with the London Arbitration Court to declare BDZ Holding, bankrupt. In mid-November 2012, Bulgaria's Privatization Agency launched a second privatization procedure for BDZ's Freight Services, after the first one fell through. The second attempt to sell the cargo unit of BDZ only included strategic and financial investors. The privatization of BDZ's profit making unit, Freight Services, is to secure money to cover huge debts of the company and help revive its other unit, Passenger Services.
Source: Darik Radio (01.04.2013)

Velik Zanchev Appointed Chair of Bulgarian Railways Board Financial expert Velik Zanchev has been appointed Chairman of the Board of Directors of the troubled Bulgarian State Railways company, BDZ Holding. Nikolay Naydenov will be his Deputy, while Chavdar Trendafilov is now BDZ CEO. Zanchev has a long career as leading manager of a number of companies, including BDZ Director of Finance and Administration and CEO of the Holding. On Friday, caretaker Transport Minister Kristian Krastev fired Vladimir Vladimirov, who was the chairman of the BDZ Board of Directors. Another member of the Board of Directors, Emil Ivanov, was also fired. Vladimirov and Ivanov are replaced by Chavdar Trendafilov and Nikolay Naydenov.
Source: Darik Radio (03.04.2013)

Austrian posts have increased their share in the Bulgarian operator M&BM Express up to 51%. At first the company bought 26% eleven months ago, while the contract envisages its participation to invcrease one more time till 2014 to 76%. The other shareholder in M&BM Express is Management business machine, which has a share of 49%. The Bulgarian company has about 2500 employees. M&BM Express acquired certificate for a postal operator in 2008, when it started opening offices around the country. The company has four printing center that can turn email into physical letters. Last year the Austrian company acquired a Polish company in the sector, and took complete control of the second largest postal operator in Romania PostMaster. The Group continues to expand its activities in Central and Eastern Europe, and is currently presented in 12 countries.
Source: Capital (08.04.2013)

IT company Information Services reported a profit for the first half of 2013 amounted to BGN 2.37 million. So it is again with a positive financial result after an extremely negative financial results for 2012, when it registered a loss of over BGN 2 5 million, and for the entire 2011 the profit was only BGN 74 000. Company's revenues for the January-June 2013 period are BGN 11.5 million. For comparison, in the same period in 2012 it was BGN 8.3 million lev, an increase of 38%. The new management team of the company took over on 24 October 2012, and immediately after its inauguration started restructuring of the company, including the optimization of the team and all operating expenses of the company. "The purpose of the management is the company Information Services to become a highly competitive IT company with an expert team of motivated professionals," CEO Ivaylo Filipov commented.
Source: investor.bg (17.07.2013)

Bulgarian police foils planned assault on targets related to Doverie deal The police has prevented a planned assault on two people connected to the deal for the sale of Bulgarian pension fund Doverie, the chief secretary of the interior ministry said on Thursday. Last month, Austria's Vienna Insurance Group said it had concluded the negotiations on the sale of its indirect holding of more than 92% of pension insurer Doverie to little known United Capital PLC. The deal, pending regulatory approval, has raised public concern as information about the buyer is scarce. The foiled attempt included plans for physical assault as well as the theft of a motor vehicle and money with regards to two people connected to the Doverie deal, Svetlozar Lazarov said in a statement, giving no further details.
Source: Capital (02.08.2013)

Information Services has a new management. On the 27th of July Prof. Mihail Konstantinov, Ivaylo Filipov, Valeri Borrisov and Vanya Golemanska were released. Their posts were taken by Georgi Todorov, Alexander Petrov, Gunai Mehmedov, Nikolay Nedqlkov and Krassimira Stoyanova. The mandate of the new management is till July 22, 2018. The change is made earlier, because the mandate of the released management was by 6th of October 2014.
Source: 24 chasa (05.08.2013)