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Bulgaria says considering solution to support Corpbank bondholders
July 16, 2014 / 10:47 AM / in 3 years

Bulgaria says considering solution to support Corpbank bondholders

SOFIA, July 16 (Reuters) - Bulgaria is considering how to support bondholders of Corporate Commercial Bank (Corpbank) , Finance Minister Petar Chobanov told reporters on Wednesday.

Chobanov had told Reuters earlier in July that the holders of a dollar bond issued by Corpbank would be protected and not required to contribute to a rescue of the troubled lender, which was hit by a run on deposits in June.

But Chobanov’s government has struggled to reach a consensus with Bulgaria’s main political parties on the terms of the rescue of Corpbank, which requires a special law to be passed in parliament.

“We are thinking about a solution to support the bondholders,” Chobanov said. “The cost compared to the risk indicates that in the special law for the bank the bondholders should be supported.” (Reporting by Tsvetelia Tsolova; writing by Matthias Williams Editing by Jeremy Gaunt)

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