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Rulmentul Brasov's sale fails again on 7th tender

The sale of the bearing producer Rulmentul based in Brasov (central Romania) has failed again, on the 7th tender, with the capitalization of the assets at a first price standing at 45.5 million euros, that is a cut by 35 percent in the evaluation price, having failed in attracting the interest of the investors.

Teodor Nicolae, executive manager with RVA Insolvency, one of the liquidators of Rulmentul Brasov, believes that the fact that there were no bids submitted again for Rulmentul Brasov was probably due to the crisis in the real estate field in the US, which affected the Romanian market too. The tender was to take place on Tuesday, before 12 a.m. The deadline for the submission of the bids was Monday, June 30, according to the Business Standard daily. The executive manager with the RVA Insolvency also mentioned that he will call the creditors' assembly in the interval ahead to propose them several variants to capitalize the plant. He also said that everything depends on the creditors and that he cannot be hundred percent sure of the strategy to be followed afterwards. 'What we can do now is either to organise a new tender, the 8th, with the same price, either to drop the price a little' Nicolae said. Last year, the liquidator hired an evaluation company which made a report on the value of the plant's assets. Thus, the field was evaluated at 39.69 million euros, the buildings at 17.28 million euros, the thermal installations, the tools and the other equipment at 12.36 million euros. The liquidator has organised 6 tenders before, but with all the attempts having failed due to the missing of the participants. According to the documents presented to the creditors in June, the liquidators sent such information on the tender, from the beginning of the year until end-May, to 27 potential investors. Rulmentul Brasov was set up in 1959 as an independent unit on the current location, after the transfer of the bearing production system from the truck industry, from the Roman SA Brasov plant more precisely. SC Rulmentul SA Brasov was set up in 1990 based on the law of the former Intreprindere Rulmentul Brasov. The company's object of activity was mainly the making and selling of the bearings. Rulmentul SA produced bearings in 1,000 different sizes, in more than 2,600 constructive variants. Sursa: http://www.rompress.ro

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