In February 2014, Cemacon announced that Romanian lender BCR outsourced EUR12 million of Cemacon’s debt to Business Capital For Romania Opportunity Fund Cooperatief UA, controlled by BCR and the head of Businessmen Association in Romania, Florin Pogonaru.
The restructuring of the loan package taken from BCR is the final stage in Cemacon’s reorganization process, which started in 2010. The company’s debts to BCR stood at EUR19.65 million last October.
In December, shareholders decided that Cemacon Real Estate should take over debts of EUR5 million to BCR, while the debts to BCR would be reduced to EUR13 million and paid in 9 years, starting with May 2015.
Cemacon’s main shareholders include investment fund KJK Fund SICAV-SIF, with a 38.69% stake, Andrei&Andrei Consultanta, with 24.3%, and brokerage firm SSIF Broker, with 20.27%, according to the latest data.