About 2000 people will be dismissed at 3 stages from the sections of BDZ by the end of 2002. By the end of April will be laid off 600 workers. The 10-per cent dismissal that is imposed by the agreement with the World bank will be the biggest in the stations with low volumes of passengers’ transport
Source: Trud

Albena JSC finished 2002 with a profit of about BGN 15.4 million which is with 17 per cent more than 2001, according to the report of the tourist company that will be presented at the General Meeting on May 10. Then the Board of Directors will offer 1 per cent from the profit to be distributed as a remuneration for the Management team and the rest will be transformed in total reserves. The major shareholder in the resort complex is Albena 2000 with about 45 per cent, Albena invest holding has 17.48 per cent, Rozin investment is with 11 per cent and Balchik municipality with 7.12 per cent.
Source: Dnevnik

The distributor of fuels Petrol JSC is on the way to be turned in a public company with the biggest fixed capital in Bulgaria when on May 26 the General Meeting will vote the issue of over 108 million shares with a face value of BGN 1. The increase will be on account of the non-distributed profits and the additional reserves of the company that for 2002 are for over BGN 160 million. There won’t be also  changes in the shareholders’ structure of the company.
Source: Dnevnik

Doverie united holding registered a profit of BGN 718 000 for the first quarter of 2003. It is a result of BGN 1.032 million positive differences from operations with financial assets and instruments. Just for comparison, the holding reported a loss of BGN 87 000 for the same period of the last year.
Source: Dnevnik 

USA
It took Reliant Resources three attempts, but the US energy company finally convinced bankers to refinance $5.9bn in debt this month. They concluded it was not in their best interests to force Reliant into bankruptcy. Bankruptcy would compel a sell-off in Reliant's assets, which would go at a steep discount in a flooded market. The company's collateral is more valuable to bankers on paper. Lenders of other troubled energy companies have reached similar conclusions, so more than $10bn in refinancing has been arranged this year. But it has come at a cost to the companies. "The scope of collateral has been significant for distressed energy merchants, who have been pledging virtually all unencumbered assets and/or subsidiary stock to their banks," said Hugh Welton, senior director at Fitch Ratings. Many still must meet near-term refinancing requirements amid regulatory investigations and a cyclical downturn in wholesale power prices. Even as banks hope the economy will improve - giving strength to energy prices and the companies that depend on them - they are positioning themselves for any deepening in the crisis that has plagued the US energy sector. US regulators have been disinclined to force banks to mark loan books to market value, particularly as hedge funds are taking some of the risk off banks, buying pieces of the new loans given to companies in distress.
Source: FT