“Under the agreement in principle to restructure Cemacon’s loans from Banca Comerciala Romana (BCR) signed in November 2013, BCR has outsourced EUR12 million of the company’s debt to Dutch investment fund Business Capital For Romania Opportunity Fund Cooperatief UA. The transfer is one of the steps of the agreed loan restructuring process,” the company said in a statement to the Bucharest Stock Exchange.
In January 6-24, Cemacon’s largest shareholders, investment fund KJK Fund SICAV-SIF, brokerage firm SSIF Broker (BRK.RO) and consulting firm Andrei&Andrei Consultanta, bought 11% of Cemacon in a public offering, a third of what they had intended to buy, for RON1.5 million (EUR334,000).
The restructuring of a EUR30 million loan package taken from BCR is the final stage in Cemacon’s reorganization process, which started in 2010. The company should reach a sustainable debt level by the second half of 2014.
The brick maker had a turnover of RON34.8 million (EUR7.9 million) in the first nine months of 2013, up 34% on the year and the company managed to cut its loss to RON2.8 million (EUR640,000), half of the loss posted in the same period of 2012.