(Sofia 14 Nov.) Denis Ershov is no longer a member of the Supervisory Board of Petrol, the Capital Daily learned. The decision for his replacement was taken at a general meeting of shareholders on 9 November. His successor will be Nikolay Dzhonev, who assumed various managerial posts in several companies close to the fuels distributor. It is at this point difficult to say if the replacement of Ershov means that he will leave the company for good. The battle for dominance between the main shareholders – Ershov and Mitko Sabev has been ongoing for several years. First Ershov accused Sabev of draining over BGN 100 million from the company. The scandal cooled down in the summer of 2011 when the Supreme Court of Cassation restored the old management of petrol, close to Sabev. The shareholder battles were only an addition to the financial problems of the company. The company was on the brink of insolvency when in the autumn of 2011 it could not make the payment on its EUR 100 million international bonds issue, that it managed to restructure thanks to a loan for USD 86 million from Corporate Commercial Bank and Central Cooperative Bank. 196 gas stations were pledged as security against the loan.
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