The European Bank for Reconstruction and Development will lend US$ 12 million to the Gostomel Glass Factory in Kyiv region, the largest glass-container producer in Ukraine, supplying a wide range of local and international beverage, food processing and pharmaceutical companies, the bank said in a press release. The long-term financing will be used to refurbish and replace Gostomel“s production facilities, help implement international accounting standards (IAS) and meet the ISO 9000 certification standard. The factory has the capacity to produce 1.3 million glass containers per day. Employees own 79.64% of the factory“s shares, other individuals hold 18.7%, and legal entities own 1.59%.

Bulgarian, Beloslav-based glassware maker Belopal avoided bankruptcy again after the appeals court in Varna confirmed the ruling of the regional magistrates of 12 April 2001 rejecting Bulgargas“s cla…

Bulgarian, Beloslav-based glassware maker Belopal avoided bankruptcy again after the appeals court in Varna confirmed the ruling of the regional magistrates of 12 April 2001 rejecting Bulgargas“s claim for bankruptcy of the company. Belopal“s debts to the gas company exceed BGN 13 million. According to recent accounting audit however, the company“s debts are slightly above BGN 10 million, while the glassware works“ assets are estimated at more than BGN 20 million. The fact that the assets exceed the company“s debts was the reason for the court“s decision to reject the claim. According to Bulgargas, however, it is the ratio between short-term assets and debts that guarantees good liquidity. “If we start operating and finish the lawsuits we can sell produce for which we have had requests for a long time,” Belopal has said repeatedly. The company has stayed idle since 1 January 2001 due to cut gas supplies by Bulgargas. The argument will most probably continue at the Supreme Cassation Court in Sofia. Meanwhile it emerged that a foreign investor from the region had shown serious interest in Belopal.