The company begins to stop inefficient activities
The European Commission has approved the Restructuring Plan of Bulgarian Post EAD. The preparation of the document and its approval by the EC was a condition for the postal operator to receive urgent financial support in the amount of BGN 50 million.
"The approval is an appreciation of the work of the joint team of the Ministry of Transport and Communications and Bulgarian Posts, which has been working in constant communication with the European Commission for a year," said Minister Georgi Gvozdeykov. In his words, the most important steps now are for the company to start restructuring and stopping inefficient activities in order to achieve its long-term recovery.
With the approval of the Plan, the amount that the State provided as a loan to Bulgarian Post will be converted into equity. In this way, they will move out of their current status as a distressed enterprise. After complying with the established legal procedures in the field of state aid, the company will be able to receive the full compensation from the state budget for the universal postal service and for the payment of pensions through post offices.
This is the first rescue plan for a company in the communications sector that the European Commission is examining. It will be implemented over a period of 3 years.