The pledged assets include one-star hotel Cocorul, one-star hotel Pajura, two-star hotel Claudia, two-star hotel Brandusa and two-star hotel Lidia, all located in Venus seaside resort.
The proposition to contract the two credit lines and pledge the five hotels as collateral will be debated by the company’s shareholders in their general assembly due on April 2.
THR Marea Neagra, controlled by regional investment fund SIF Transilvania (SIF3.RO), owns over 30 hotels on the Black Sea coast, in resorts Eforie Nord, Eforie Sud, Neptun, Venus and Saturn. The company said in January it put up for sale five hotels and several other assets on the Black Sea coast, and would use the money obtained to upgrade its other hotels.
In 2012, THR registered turnover of RON30.3 million, up 15% from RON26.4 million in 2011, and profit of RON4 million, down from RON14.1 million in the previous year..
On the Bucharest bourse Thursday, THR Marea Neagra traded up 2% to RON0.0612 per share. (EUR1=RON4.3698)