5 Firms Were Interested in Special Steel Plant COS Târgoviște
Profit.ro reported that five potential investors have expressed interest in the industrial functional asset of the Special Steel Plant COS Târgoviște in Romania, which has been in insolvency for almost 8 years and is now facing bankruptcy.
1. AFV Beltrame Group
2. Techcom GmbH
3. Sunningwell International of Poland
4. Liberty Steel
5. Aygunsan Demir Celik
Ii entered bankruptcy after the local court overruled its reorganization plan proposed by creditor Alphard Financial. The court rejected the exception of inadmissibility of the bankruptcy application, a request made by the electricity supplier and ordered the commencement of the bankruptcy procedure. The ruling is not final. The next deadline to continue the procedure is October 19. COS Târgovişte announced that it would appeal against the sentence, including for the suspension of the execution of the syndic judge's decision until the appeal is resolved.
Bursă Electrica’s Distributie Energie Electrică România had filed an application with the court bankruptcy of the Special Steel Plant COS Târgoviște for a current outstanding debt, accumulated after the plant went into insolvency, of over 3 million. The bankruptcy of COS Târgoviște was also requested by the raw material supplier Uni Steel Impex SRL from Bucharest, a distributor of ferroalloys and non-ferrous metals controlled by Mirabela Filișan and Adrian Popa
The creditors' meeting of COS Târgoviște recently approved the proposal to complete the reorganization plan of the company submitted to the court by the largest creditor, the offshore with unknown shareholding Alphard Financial Corp. from the British Virgin Islands, which holds total receivables of almost 254 million lei on the plant, an amendment that provides for the urgent start of the procedure for sale by public auction of the functional asset COS Targoviste by transfer of assets activity. The amount collected from the sale will be used for the payment of budget debts to ANAF, in the amount of over 200 million lei.
COS Târgoviște was owned by the Russian group Mechel, but the majority stake was taken over in 2013 by the offshore Mazur Investments Ltd in Cyprus, which has 86% of the capital. The Romanian state holds 4%.