Dan Steel Group factory Source: Dan Steel
Group
April 24 (SeeNews) - Romanian insolvency administrator CITR, part
of entrepreneurial group Impetum, said that it will auction, together with
local law firm Prime Insolv Practice, a bankrupt steel mill for a starting
price of 25.9 million euro ($28.5 million) on April 28.
The Dan Steel Group Beclean steel mill is located in the northern
county of Bistrita-Nasaud and has been in bankruptcy proceedings since the
beginning of the year, CITR said in a press release on Friday.
"We aim to attract potential investors to bring back to life
this factory with a history of over 30 years, which was one of the main
employers in the city of Beclean and at the same time an important company for
the metal industry in Romania," said Mariana Boiciuc, senior partner at
CITR Cluj Branch.
The asset comprises over 40 hectares of land, buildings with a
total usable area of 75,460 sq m, and the related equipment.
Dan Steel Group Beclean was established in 1991 and manufactured
nails, galvanized wire, braided wire, welded mesh, panels for the domestic
market and the markets of Hungary, Poland, Serbia, the Czech Republic and
Slovakia. Since 2017 the company sales have declined and it has accumulated
debt of over 35 million euro.
CITR is administering 1 billion euro in assets and distributing
annually over 100 million euro to creditors.