The loan was approved at a six-month rate plus 5.25% per year.
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.
CIT Restructuring, established by insolvency specialist CITR, part of Impetum Group, the company designated to draft and implement the restructuring plan, said the necessary conditions will be created to reimburse RON108 million worth of historic bank loans by capitalizing on some surplus assets no longer necessary for the business operations.
CIT Restructuring representatives said that in order to benefit from the provisions of Government Ordinance no.6/2019, the company needs a RON60 million financing, of which RON45 million represents the initial reimbursement to Romania’s tax authority ANAF, and nearly RON14 million represents the working capital needed to revive its business activity.
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.