The State Assets Agency (AVAS) authorized its representative in the Olimp Estival 2002 company to vote for the sale of one of the resorts it manages. The company will open for sale an entire complex, which includes a hotel, a restaurant and a swimming pool.

To AVAS officials, the company goes through a difficult financial phase, with significant debt and income lower than it requires to function normally and pay its bills.

"We tried to contract a credit, mortgaging one of the hotels, so that we could pay our debt and ensure the cash flow, but none of the banks agreed to offer this credit", said Teodor Atanasiu, AVAS president.

"We'll take the last action possible, selling the only hotel that is not mortgaged", Atanasiu added.

The sale of the assets will be made through public auction, with a starting price determined by an independent evaluator.