The reorganization plan was approved by creditors Tuesday, according to a news release by Casa de Insolventa Transilvania, liquidator to the company owned by Cristian Burci.
“This was possible following agreements between the shareholders, the main creditors and an investor who showed interest in the group that owns Astra Vagoane. The details of the transaction will be made public as they clarify,” the document reads.
The plan proposed by the company and the liquidator stretches over an 18-month interval, and it involves the continuation of commercial activities, selling the commerce fund, gradual payments to creditors and keeping the 1,400 employees.
The plan is pending court approval on July 13.
IRS is headquartered in Luxembourg. The group’s other Romanian operations include the companies Romvag Caracal and Meva Drobeta Turnu Severin, as well as a 30% stake in river ship maker Severnav Drobeta Turnu Severin.
In addition, IRS controls the companies Servtrans Invest and ICIM.