Romaero gets the second financing under the guidance of CIT Restructuring, established by insolvency specialist CITR and part of Impetum Group.
In August 2020, Romaero also accessed a financing offered by state-run lender CEC Bank too, in the amount of RON45 million, over a 60-month period, in order to pay its historic debts, per a press statement.
The main fiscal facilities stipulated by Emergency Ordinance no.6 target the restructuring of budget obligations, with the annulment of accessories and the reduction of main obligations. Thus, the “fiscal amnesty” for companies proves its viability in the amplest and most complex busines restructuring process carried out to date, in Romania, on the basis of Emergency Ordinance no.6/2019.
The financing process offered by CEC Bank and accessed by Romaero was approved at the prerogatives of Emergency Ordinance no.6, in record time, in response to the market need to create some accessible financing lines for reviving the Romanian entrepreneurial environment.
On Tuesday (Sept 15), Romaero shareholders approved a decision to contract some credit facilities from lender CEC Bank, within a maximum ceiling of RON59.9 million, respectively a RON45.2 million facility, over a 60-month period, to pay its state budget debts, and a RON14.7 million facility, over a 36-month period, to finance its current activity, per a stock market report.
In early August 2020, Romaero said it was undergoing a restructuring process aimed at reducing its state budget debts by RON256 million and transferring some essential assets to institutions in the defense sector. The restructuring process is carried out via a mechanism put at disposal by Government Ordinance no.6/2019, based on a restructuring plan recently approved by the company’s shareholders.
Romaero Bucuresti has a market value of RON180.6 million and is 56.7% owned by the Romanian State, via the Economy Ministry. Regional investment fund SIF Muntenia holds a 23.2% stake and investment fund Fondul Proprietatea owns 18.9% of the company’s shares.