The Galatsky court last week approved an amended plan to capitalize the assets of the Romanian Liberty Gala Minute, paving the way for the resumption of the auction for the sale of this industrial asset. This was reported by G4 Media.
The new auction will be held on June 19 this year, the initial asset price has been reduced to €444 million for Liberty Galaii. And almost €19 million for Liberty Tubular Products Galaii.
A new stage of the procedure comes after a technical update of the market value and a redefinition of the perimeter of assets added to the capitalization process.
At the preliminary stage, five strategic investors from Europe and Asia acquired the technical conditions for the takeover, some of them visited the steel company, taking part in in-depth discussions of the investment potential. However, none of them registered for the auction on March 12 and made no offers. Then Remus Borza, president of Euro Insol, one of the two administrators of the company, called the reason for this too high a starting price (€709.1 million excluding VAT).
In the near future, the bankruptcy managers of Liberty Galaii, the Euro Insol – CITR consortium, will continue their efforts to promote assets on the foreign market, as well as negotiations with strategic investors, specialized investment funds and companies. Before the March auction, a large-scale international advertising campaign was conducted, which provided for direct contacts with strategic investors.
