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| Tsvetan Vassilev. Photo: Medija centar |
A Serbian court on Wednesday declared the bankruptcy of the Serbian Glass Factory company, linked to the exiled Bulgarian tycoon Tsvetan Vassilev, who is wanted in Bulgaria for the collapse of his Corporate Commercial Bank, CCB, in 2014.
The Commercial Court in Kragujevac, Serbia, told Beta news agency that the main reason for the bankruptcy was that the company failed to repay its debts of 47 million euros to another company within 45 days.
“Whether the glass factory survives will depend on whether the creditors accept a reorganisation, otherwise the factory will be sold as a bankrupt company,” the court said.
Vassilev bought 63 per cent of the company in 2012 for 35 million euros through a…
Read the full article at: https://www.balkaninsight.com/en/article/bulgarian-tycoon-vassilev-s-serbian-factory-goes-bankrupt-09-21-2017