Workers at the indebted Serbian Glass Factory in Paracin, owned by Bulgarian tycoon Tsventan Vasilev - whose extradition is now sought by the Bulgarian authorities - are demanding that the Serbian government help them, and perhaps buy the firm. The company currently has debts of around €50m. "We've been informed that a pre-bankruptcy procedure was launched 5 May, but we have had problems for a long time," said Zivojin Matejic, from the union at the Serbian Glass Factory to the local media. The company, in Paracin, was sold to Bulgarian businessman Tsvetan Vasilev in 2012 for €35m. He purchased 63% of the shares in the company through a consortium. The new buyer even got write-off of the company's debt to other state companies. Meanwhile, Vasilve's bank, the Corporate Commercial Bank, collapsed in 2014 - the biggest bank collapse in the history of Bulgaria. Since then, the controversial businessman has lived in Serbia, while the Bulgarian authorities seek his extradition for running a ponzi scheme and for illegally acquiring €103m in assets from the failed bank.
