The decision will be up for shareholder approval on August 18.
The company plans to use the credit to refinance a loan from Piraeus and another one from Bea Hotel Finance.
The latter is part of BEA Hotels Eastern Europe, which owns some 76.5% of Bucuresti Turism. Another large shareholder in the Romanian company is SIF Transilvania (SIF3.RO), with a 10.7% stake.
The loan will be guaranteed with a series of assets, including Romania’s largest five-star hotel, Radisson Blu (424 rooms) and the Centre Ville hotel complex (294 rooms).
At the end of 2010, the company had debts due in more than one year worth a total 146.8 million lei (EUR34.5 million), while debts due in less than one year cumulated RON22.3 million.
For 2010, the company posted sales of RON105 million (EUR25 million), up 5% on the year, and a net loss of RON13.1 million (EUR3.1 million).
The company is majority owned by Israeli group Elbit Medical Imaging (EMI).