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.
Also, the company seeks to reimburse RON108 million worth of bank loans by capitalizing on some surplus assets no longer necessary for its business operations.
“With the implementation of these measures and the restructuring of debts, the company will be able to attract new funds which will be directed to investments in technology,” according to representatives of CIT Restructuring, founded by insolvency specialist CITR, part of Impetum Group, which assists Romaero during the restructuring process.
Per CIT Restructuring representatives, 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. Funds will be put at disposal by state-run lender CEC Bank, which has already approved the financing of debt repayment to ANAF and is to analyse the lending request for the remaining RON14 million.
Romaero Bucuresti has a market value of RON169.5 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 18.8% of the company’s shares.