COMMISSION DECISION (EU) 2017/2372
of 16 June 2017
on the State aid SA.31250 — 2011/C (ex 2011/N) planned to be implemented by Bulgaria in favour of BDZ Holding EAD SA, BDZ Passenger EOOD and BDZ Cargo EOOD and other measures
(notified under document C(2017) 4051)
(Only the English text is authentic)
(Text with EEA relevance)
1.
PROCEDURE
2.
DESCRIPTION OF THE MEASURES
2.1.
THE BENEFICIARY
2.2.
DESCRIPTION OF THE MEASURES AND GROUNDS FOR INITIATING THE PROCEDURE
2.2.1. MEASURE 1: RESTRUCTURING AID
2.2.2. MEASURE 2: CANCELLATION OF THE DEBTS INCURRED PRIOR TO 2007
(in BGN million) |
|
|
Total liabilities of BDZ Holding and its subsidiaries on 31 December 2006 |
Liabilities towards financial institutions |
201,1 |
SIEMENS/KfW Agreement |
307,5 |
Trade obligations |
244,5 |
Obligations towards staff and insurance providers |
26,4 |
Other liabilities, including tax and provisions |
27,2 |
Total liabilities |
806,7 |
2.2.3. MEASURE 3: NON-PAYMENT BY BDZ HOLDING AND ITS SUBSIDIARIES OF OVERDUE DEBTS TOWARDS THE INFRASTRUCTURE MANAGER (NRIC)
2.2.4. MEASURE 4: REIMBURSEMENT OF WRONGFULLY CHARGED VAT BY THE STATE TO BDZ HOLDING
3.
COMMENTS FROM AN INTERESTED PARTY
4.
COMMENTS FROM BULGARIA
4.1.
MEASURE 1: RESTRUCTURING AID — WITHDRAWAL OF THE NOTIFICATION
4.2.
MEASURE 2: CANCELLATION OF THE DEBTS INCURRED PRIOR TO 2007
Creditor category/Amounts in BGN as of 31 March 2017 |
Amount of BDZ's debts in BGN outstanding on 31 December 2006 (pre-accession debts) |
Loan or other debt instrument through which the pre-accession debts was refinanced |
||||
|
Outstanding pre-accession debts |
Outstanding debts refinancing BDZ's pre-accession debts |
Penalty interest |
|
||
|
30 967 919 |
105 642 950 |
24 901 981 |
|
||
KfW IPEX Bank 80 % DMU |
0 |
76 529 380 |
|
Second bond issue with ISIN: BG2100032072, in accordance with Debt tender offer from October 2007 |
||
EBRD |
0 |
20 980 115 |
|
Activated state guarantee for debt repayment which caused BDZ to incur debt to the Ministry of Finance. |
||
IBRD |
0 |
8 133 455 |
|
Activated state guarantee for debt repayment which caused BDZ to incur debt to the Ministry of Finance. |
||
KfW IPEX Bank 85 % EMU |
30 967 919 |
0 |
|
|
||
|
0 |
53 884 257 |
8 051 694 |
|
||
NRIC |
0 |
26 292 761 |
3 928 815 |
Second bond issue with ISIN: BG2100032072, in accordance with Debt tender offer from October 2007 |
||
NEC AD |
0 |
27 591 496 |
4 122 879 |
Second bond issue with ISIN: BG2100032072, in accordance with Debt tender offer from October 2007 |
||
Total |
30 967 919 |
159 527 207 |
32 953 675 |
|
||
Source: Submission of Bulgaria dated 5 April 2017 |
4.3.
MEASURE 3: NON-PAYMENT BY BDZ HOLDING AND ITS SUBSIDIARIES OF OVERDUE DEBTS TOWARDS THE INFRASTRUCTURE MANAGER (NRIC)
Receivables from NRIC in BGN |
2008 |
2009 |
2010 |
2011 |
Total |
BDZ Holding |
15 695 566 |
4 364 383 |
12 907 606 |
13 564 860 |
46 532 415 |