Austrian energy utility EVN, the Privatisation Agency (PA) and the Agency for Post-Privatisation Control (APPC) signed late Thursday an out-of-court settlement on Slanchev Briag Electricity Distribution Company. For three years, the Bulgarian energy firm has been the apple of discord between the sales authority and the energy authority.

The agreement obliges the Austrians to pay 44.232 million leva only, in return for which they are withdrawing litigation at the International Court of Arbitration in Paris for Bulgaria's failure to carry out duties under the Slanchev Briag EDC privatisation agreement, the company said.

The said agreement signed in November 2004 and entailed the bundled sale of 67 per cent in each of the electricity distribution companies in Plovdiv and Stara Zagora.