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.

Related Articles

Macedonias 2013 tobacco crop expected to exceed 30,000 tonnes.

Macedonias tobacco crop is expected to increase by 20% to over 30,000 tonnes in 2013, Utrinski vesnik daily reported quoting Danco Mileski, president of the countrys tobacco association. The ... more

Macedonia cancels tender for gas distribution network feasibility study.

The transport ministry has cancelled the tender for preparing a feasibility study for developing the countrys natural gas distribution network, portal reported. Reportedly, two bids were ... more

Komercijalna Banka wins Global Finance award Best Bank in Macedonia for 2013.

Large-sized commercial bank Komercijalna Banka announced that it has won the award Best Bank in Macedonia for 2013 by the magazine Global Finance. The Macedonian bank wins the award for a 10th ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335