Banca Romaneasca, Piraeus Bank, Bancpost and Banca Transilvanianeed to ponder how they will recoup the loans granted to Impact,while Templeton, Julius Baer, and East Capital have to wait for thereorganisation plan before they can hope to sell their shares inthe company.
The insolvency of real estate developer Impact Developer &Contractor (IMP), over a 1.36 million-RON debt to constructioncompany Romconstruct in Ploiesti, is threatening to damage thecompany's relationship with its financing banks, with four lendershaving an overall exposure in excess of 33 million euros on Impactat the end of last year.
Under the legislation, an insolvent company is supposed to comeup with a reorganisation plan. If the creditors do not approve theproposed plan, a solution of last resort is to sell the company'sassets to recover the debt. Impact's insolvency affects itsshareholders even more, after shares were suspended from tradingfollowing a court ruling.
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