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Bulgaria with Staggering Levels of Inter-Company Debts

Date: 18.06.2010

Bulgaria’s inter-company debts amount to a staggering BGN 100 B, according to data of the private online information system DebtNet.

Over 60 % of the firms in Bulgaria are in debt, said Wednesday Vladimir Georgiev, Executive Director of DebtNet Bulgaria, who presented data from a survey of the online register.

About 20 % of the indebted Bulgarian companies have defined their debts as large. The only criteria for that was each firm’s debt to turnover ratio.

Georgiev has pointed out that the Bulgarian construction companies and furniture producers are doing the worst, with 90% of all enterprises in the sector being in debt.

Geographically, Bulgaria’s Southeastern Region is in the worst condition as 70 % of the companies stationed there owe money.

The DebtNet survey indicates that the money owed by the Bulgarian state to private businesses is only about 2 % of the total amount of inter-company debt in Bulgaria.

The private companies have pointed to the insecurity of the economic environment as their major problem, and that they will need an average of 66 months to recover fully from the effects of the economic crisis.

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