Debt

T-bill auction oversubscribed 2.44 times

The Public Debt Management Agency (PDMA) on Wednesday announced it had successful auctioned 26-week treasury bills, with the desired amount of 625 million euros oversubscribed 2.44 times, leading to a particularly low interest rate of 0.097 percent, compared to a rate of 0.150 percent at the previous auction in late August.
The settlement date is Friday.

Debt payment plan uptake rises

Hundreds of thousands of state and social security debtors have entered an arrangement agreement for a total of at least 6.3 billion euros of arrears, per the latest data from the ministries of Finance and Labor.
This sum is expected to grow considerably after the one-week extension added to Monday's deadline for the payment plans of both ministries.

New debt repayment plans afoot

The government plans to introduce legislation that seeks to simplify the repayment of debts by individuals and businesses to tax authorities, social insurance funds and banks.
The underlying principle of the new framework will be that the number of installments will depend on the income but also on the period when the debt became overdue.

The Fashion Brand Forever 21 Has Declared Bankruptcy

The US-based apparel company Forever 21 which was founded in 1984, filed for bankruptcy. The fashion brand, which has stores in Bulgaria, however, does not intend to completely withdraw from the market, but rather to use this move as a way to clear its business from non-working assets, in particular, from non-profit shops.

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