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Administrators of Burci's plants seek buyer for majority stake

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24.03.2011, 23:49 41

The judicial administrators ofAstra Vagoane Arad, Meva and Romvag, which have become insolventover a 120 million-euro debt, are seeking an investor to take overthe majority stake in the three plants controlled by InternationalRailway Systems (IRS) group of businessman CristianBurci.

The new investor would haveto find a solution so that the main creditor banks would join thenew shareholder structure, with the debts to be converted intoshares. Other options considered as part of the reorganisationprocess of the three companies, with 230 million euros in turnoverin 2009, entail a capital injection by shareholder contribution orfrom creditor banks.

"We are conductingnegotiations with potential investors, we are seeking together withthe main creditors and the current shareholders to find the bestsolution for an efficient deal structure," said Rudolf Vizental ofSolve Insolv insolvency firm, the judicial administrator of AstraVagoane Arad.

Burci's plants, Astra VagoaneArad, Romvag Caracal and Meva in Drobeta Turnu Severin, becameinsolvent at the end of last year. From 4,814 employees in 2009,the three plants will be left with 1,700 employees by April,according to the insolvency firms and to ZFcalculations.

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