After ardent debates and overruling the first veto of the new President, the Privatization and Post-privatization Control Act (the “Act”) entered into force as of March 22, 2002. The Act aims at speeding up the privatization process, making it more transparent and fair and enhancing the efficiency and independence of the control over the fulfillment of the privatization commitments. With certain exceptions (for certain companies, listed exhaustively in the Act, operating in special fields or having special statute), as of the moment of entry of the Act into force the state-owned shares in all companies with more than 50% state equity interest are automatically announced and offered for privatization. The organization and completion of the privatization of state-owned enterprises is concentrated within the scope of authority of one specialized body – the Privatization Agency. New independent body – the Post-privatization Control Agency will monitor the compliance of buyers with the terms of the privatization transactions.
Archive for March, 2002
On March 18, 2002 the Bulgarian President signed into law the Ratification Bill for Bulgaria’s latest major debt restructuring operation. In the context of the restructuring, Bulgaria is expected to invite owners of Bulgarian Brady Bonds to submit in a modified Dutch Auction one or more offers to exchange Brady Bonds for newly issued Euro Bonds or Dollar Bonds. Bulgaria is also expected to offer new Euro Bonds for cash. The total worth of the transaction is forecast to reach $1.25 billion. Borislav Boyanov & Co. acted as a special legal counsel to the Lead Managers JPMorgan and Salomon Smith Barney.
British Chambers of Commerce Endorse Borislav Boyanov & Co. for Central and Eastern Europe Export GuideThursday, March 14th, 2002
In recognition of Borislav Boyanov & Co. outstanding work with British investors, the firm was exclusively recommended for Bulgaria by the British Chambers of Commerce and will appear on McMillan Scott’s BCC Central and Eastern Europe Export Guide. The latest issue, containing a review of the partnership’s work, is expected in the second half of 2002.
UK based international law firm Shadbolt & Co. and Borislav Boyanov & Co. organized a two day seminar on Design & Build Contracts under the new FIDIC Yellow Book for experts of the Bulgarian Ministry of Transport and Communications and other Bulgarian authorities. The seminar discussed the structure and process of a Design & Build Contract under FIDIC’s rules and how they fit into Bulgarian law.
On March 7 at its offices in Sofia, Borislav Boyanov & Co. held a reception attended by executives from British companies, investing or interested in doing business in Bulgaria. Borislav Boyanov & Co. welcomed the opportunity, occasioned by the visit of a British business delegation organized by the British Chambers of Commerce, to bring together potential investors with their colleagues already established in Bulgaria, and discuss experience and opportunities for work on projects in the country.