Four banks have over 100m-euro exposure to Burci's insolvent plants

The biggest insolvent group took out loans worth 504 million lei (120 million euros) from RBS Bank Romania, ING Bank, Citibank Europe and Piraeus Bank to develop Astra Vagoane Arad, Meva and Romvag (insolvent) plants, and now the banks feature at the top of the lists of companies that have debts to recover from businessman Cristian Burci, according to preliminary data in the creditors' lists.
Two of the three insolvency firms that manage the business of the rolling stock makers, RVA Insolvency and Casa de Insolvenţă Transilvania, have published the preliminary lists of creditors. The lists include 180 and 185 creditors respectively, which have to recoup debts totalling almost 150 million euros.
The third insolvency firm, Solve Insolv, court-appointed administrator of Astra Vagoane Arad, had yet to publish its preliminary list of creditors by edition close, but company representative Rudolf Vizental said nearly 220 companies had put their name on the list.
"The consolidated value of the three plants' debts to creditors amounts to almost 150 million euros, of which 100 million euros are owed to the four banks (mentioned above), 40 million euros to suppliers and 10 million euros to the state budget," Rudolf Vizental said.
He specified the three plants together had almost 300 creditors.
Businessman Cristian Burci, who controls the three plants through the IRS group, did not answer ZF's request for information on the situation of the three plants. The four banks said they did not wish to comment on their relationship with the insolvent plants.