Debts for shares at Rulmentul

Bearings maker Rulmentul Brasov yesterday summoned the General Shareholders Meeting to turn into shares the $8.5m receivables the Banking Assets Resolution Authority (AVAB) holds over the company. In case the increase is endorsed, AVAB would become the company's main shareholder, with a 45% stake. "This is a debt we took over from the Finance Ministry. This debt is the object of litigation between the company and the Ministry. The value acknowledged by Rulmentul amounts to $8.5m, but the Finance Ministry claims the debt stands at $13.2 million," said AVAB chairman Ionel Blanculescu. ZF