As part of the process, the company ceded control over several real estate assets, namely Ambient stores in Cluj, Sibiu, Alba, Medias and Sighisoara, as well as other properties in Sibiu and Cisnadie, with a number of assets being taken over by banks, while others by some newly created companies connected to Ambient group.
The company thus managed to reduce its banking indebtedness level, but at the same time increased its rent costs given that Ambient signed long-term contracts for the rental of ceded spaces.
The company started a restructuring process in 2009, when its revenue declined by over 50%, from EUR231 million to EUR104 million, while its debts to seven banks topped EUR70 million, and the foreign partner that was supposed to inject EUR100 million in the network decided against investing in Romania.
One of Ambient’s largest lenders was Piraeus Bank, with debts to this bank amounting to EUR16.8 million last December. The debt was restructured late last year, when Ambient ceded the spaces in Cluj and Alba Iulia stores and the land underneath to the bank. As a result, the debts slid to EUR4.35 million, not including the EUR5.2 million that Ambient will pay as rent for the store in Cluj and the installments for the repurchase of Alba store.
Another store that was ceded is the one in Sibiu, an asset used for the restructuring of debt to Raiffeisen Bank. Ambient owed the bank EUR8.6 million, a sum that was reduced to EUR4.1 million after Ambient ceded the Sibiu store to TMA Management for EUR4.5 million, with the money being used for the partial payment of debts to Raiffeisen.
Ambient also halved its debts to BCR, from EUR15.1 million to EUR7.7 after the company spun off other real estate assets worth EUR7.4 million and debts of a similar level.
(English version by Catalina Apostoiu)