Macedonias cabinet proposes debt-to-equity swaps at state-owned loss makers.

By bne IntelliNews March 26, 2012
Macedonias cabinet has proposed a bill envisaging debt-to-equity swaps at the majority state-owned manufacturing companies Tutunski Kombinat Prilep (cigarettes), Eurokompozit (composite materials and special purpose products) and Ohis (chemicals), Telma TV broadcaster reported. The proposed swaps total about EUR 30mn and include customs duty, excise and contributions payables owed to the state. Those payables have been accumulated over the past three years. Deputy minister of finance Nedim Ramizi said that the sole goal of the state is to find investors to privatize those companies and the swaps will make finding investors easier. The companies employ about 4,000 workers. Previous debt-to-equity swaps at those three companies and electrical equipment maker EMO had involved debts to the state worth EUR 130mn.

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