The shareholders of Altur Slatina, specializing in the manufacturing of parts and accessories for cars and engines, have approved the contracting of a credit facility of 14 million lei from Raiffeisen Bank, with the money to be used for the modernization of its production process.

The loan will be guaranteed with a plot of land of two hectares, a hangar and a warehouse, and by pledging the equipment and the machinery acquired using the loan, and of the company"s cash held in the current accounts opened with Raiffeisen Bank.

Also approved were the decisions of the members of the Board of Directors of October 2010 and May 2011 concerning the contracting of an overdraft from Raiffeisen Bank with the option of issuing letters of guarantee, amounting to 3.8 million Euros. The company will guarantee the overdraft with assets owned by the company, namely by mortgaging several buildings and pledging the current accounts opened with Raiffeisen Bank and the shares which Altur owns in the SIFs.

Altur is indirectly controlled by businessman Cătălin Chelu, who owns 43% of the company through two other companies, Mecanica Rotes and Celule Electrice.

Ovidiu VRÂNCEANU (Translated by Cosmin Ghidoveanu) The shareholders of Altur Slatina, specializing in the manufacturing of parts and accessories for cars and engines, have approved the contracting of a credit facility of 14 million lei from Raiffeisen Bank, with the money to be used for the modernization of its production process.

The loan will be guaranteed with a plot of land of two hectares, a hangar and a warehouse, and by pledging the equipment and the machinery acquired using the loan, and of the company"s cash held in the current accounts opened with Raiffeisen Bank.

Also approved were the decisions of the members of the Board of Directors of October 2010 and May 2011 concerning the contra