BULGARIA'S MLECHEN PUT FILES FOR INSOLVENCY
Bulgarian dairy company Mlechen Put, indirectly owned by Holding Nov Vek, has filed for insolvency, Trade Registry data shows.
Mlechen Put is linked to another local dairy company, Markelli, which also submitted a bankruptcy request several weeks ago.
Mlechen Put attributed the move to its inability to sell its production at competitive prices because of the financial crisis. In addition, its development strategy has proved to be "hard to implement".
The dairy producer has proposed to name Matei Mateev a temporary receiver for the company.
Mlechen Put has accumulated significant debts to the state, as well as to related parties and suppliers.
The company ended 2010 with a net loss of almost 700 00 leva. Its long-term fixed assets are estimated at 447 000.
