Bulgarian Fibank buys Bourgas Shipyards

The deal is worth BGN 46.92 million ($33.4 million), according to the information obtained by local news agency Novinite. Tanya Madzharova, the shipyard’s legally-appointed administrator, said that First Investment Bank (Fibank) could deduct the sum it is owed by Bourgas Shipyards from the total amount.

The insolvent shipyard was put on sale by its administrator earlier this year. The company’s new owner acquired an area of more than 562,000m² which hosts 47 facilities.

The Bulgarian company’s assets include a ship repair and maintenance facility which is certified to perform works on vessels of up to 25,000dwt. In addition to this, the shipyard’s assets comprise a port which had been serving the industries located in Bulgaria’s south.

All of the company’s workers were laid off in December 2013 following its filing for insolvency.

Based in Bourgas, on the country’s Black Sea shore, the shipyard says it specialises in newbuild projects, including cargo vessels, tankers, ferries and offshore vessels, as well as ship repair works. Established in 1948, the firm was privatised in 2000.