Debt Workout and Enterprise Performance in Bulgaria:
This paper examines one specific aspect of the Bulgarian debt workout, namely its impact on the behaviour and performance of the enterprises which were covered in the program. In pursuing this goal we have followed two main lines of research. First, an attempt is made to evaluate the overall effect of the program on enterprise performance on the basis of a comprehensive data base containing individual enterprise balance sheet data for the public sector of the Bulgarian economy. By comparing the financial results of the enterprises covered in the program to the results of other enterprises (not included in the program) we seek to reveal whether granting financial relief to a selected category of state-owned enterprises (SOEs) resulted in positive changes in their performance. Second, a special survey was designed and carried out among the enterprises covered in the debt workout program. The survey made it possible to obtain a more in-depth insight of the impact of the debt workout on the behaviour and performance of individual enterprises as well as of the perception of enterprise managers on its efficiency.
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