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Romanian tractor maker still on float line

de     HotNews.ro
Marţi, 5 septembrie 2006, 0:00


The tractor maker factory in central Romanian town of Brasov “Tractorul” is still functioning following the Authority for State Assets Recovery’s (AVAS) decision to continue providing it with electric power.

A memorandum signed by AVAS and Electrica, the electric power provider, ensures that the factory will benefit the necessary quota of electricity only until the end of the year, due to the amassing of the factory’s debts.

AVAS together with the Tractorul management have established the assets to be put on mortgage by the Electrica in order to guarantee the debts’ payment valued at 12 billion Euros. The total debts amount to
AVAS announced plans to sell the factory’s assets in August, following the initial failure of the negotiations with the Indian company Mahindra&Mahindra for the takeover of Tractorul.

The negotiations restarted and Mahindra&Mahindra, Interagro, Atlasib, MYO-O and Romanian Commercial Services showed interest in privatizing the tractor maker.




















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