Film company sold

SOFIA – Bulgaria’s privatization body approved the sale of 95 percent of Bulgarian filmmaker Boyana Film to US movie producer Nu Image yesterday, the privatization agency said in a statement. The agency signed a draft contract with Nu Image in August last year for the 12.2-million-lev ($7.53 million) deal. Objections from the Balkan state’s film community, mainly over real estate included in the sale, then interrupted the process. But by backing the deal the agency removed a key hurdle to its completion. «The Privatization Agency approved the endorsed draft contract. The signing of the privatization deal will follow,» the agency said in a statement. It did not say when the deal might be signed. In November Nu Image accused the head of the Privatization Agency, Todor Nikolov, of deliberately delaying the closing of the deal and causing financial damage to the company. Bulgaria is trying to improve its investment climate ahead of joining the European Union, scheduled for next year, but a number of major privatization and concession deals have recently collapsed, drawing criticism from investors.

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