Bulgaria’s Bourgas Shipyards put up for auction

The company’s site of 562,119m² hosts 47 facilities and was assigned a starting price of BGN 46.92 million (US$33.4 million), according to a tender notice published by the Bulgarian Chamber of Private Enforcement Agents (BCPEA).

All bids are to be submitted by April 14, 17:00 local time. Under the plan, the winner of the auction is to be announced on April 15. A minor portion of the shipyards’ assets will be sold through separate auctions.

In late 2013, local media reported that Hunas Investment Ltd, owner of a 80% stake in the company, was planning to sell its shares through a Russian auction house. The attempt was unsuccessful.

The shipyards’ assets include a ship repair and maintenance facility certified to perform works on vessels of up to 25,000dwt and a port which serves the industries concentrated in Bulgaria’s south coast. Set up in 1948, the company was privatised in the summer of 2000.

The shipyards specialise in newbuild projects, including cargo vessels, tankers, ferries, fishing and offshore vessels, as well as a wide range of shiprepair works.