Yambolen AD (Ямболен АД) (Bulgaria)

Bulgaria's synthetic fibre maker Yambolen, which was established in 1968, is active in production of polyester fibers and textiles, inorganic salts and technical rubber products. The listed company, based in the southeastern town of Yambol, used to have a monthly fiber production capacity of 900 tonnes.
A total of 22% of Yambolen's capital was sold against vouchers under the government's mass privatisation programme in 1997. In early 1999, authorities in Sofia said that the fibre maker would be closed down if it failed to attract a buyer due to accumulated losses and poor competitiveness of its output. In April 1999, Bulgaria's Privatisation Agency sold 67% in Yambolen to British Virgin Islands-registered Chimimport Investment & Fertilizer Inc. for USD 650,760. The buyer, controlled by a subsidiary of Hong Kong-based conglomerate Jardine Matheson Group, also pledged to settle some USD 1.98 million of the company's debts and to invest at least USD 4.82 million in the next five years.
In October 1999, production at Yambolen was halted and was resumed in the spring of 2000. After the sell-off, the company saw a decline in sales volume and gradually accumulated debts towards the state and financial institutions. In May 2004, Bulgaria's state receivables collection agency tendered some of the company's production units, construction facilities and equipment to cover Yambolen's debts accumulated towards the state. Currently, the company offers its assets for rent.