United Bulgarian Bank seeks insolvency of Hlebni Izdelia-Poduiane

UBB said it is acting in its capacity of a trustee of the bondholders of the issue of Hlebni Izdelia-Poduiane.

The bank filed the two insolvency claims on September 19 and September 25 after Hlebni Izdelia-Poduiane stopped making in early June the coupon payments due under its 6.0 million euro ($7.6 million) bond issue, UBB said in a statement to the Sofia bourse on Monday.

In 2008, Hlebni Izdelia-Poduiane issued 6,000 corporate bonds of 1,000 euro in par value each. The issue bears 7.0% annual interest and matures on June 9, 2013.

($=0.7876 euro)