* The four "Mechel" plants located in Romania have been sold for 50 Euros
The "Mechel" Târgovişte metallurgic plant has filed for insolvency on Tuesday, for reorganization, after it was sold, together with the other assets which the Group had in Romania, to "Invest Nikarom" Bucureşti, in exchange for an amount of approximately 50 Euros.
In a press release sent to the Bucharest Stock Exchange yesterday (BSE), the representatives of the plant said: "We want to mention that our goal is protecting the interests of the company and the relaunch of the activity on solid foundations based on a reorganization plan, which we are convinced will lead to making the company viable. With the help of < Invest Nikarom >, the company which indirectly holds the majority stake in the company, efforts will be made to resume operation at < Mechel > Târgovişte în under conditions of economic efficiency".
The insolvency file was submitted to the Court of Dâmboviţa.
After the first nine months of last year, the plant reported debts of 613 million lei, for a turnover of 773.2 million lei, down almost 10% compared to the similar period of last year. "Mechel" Târgovişte was seeing losses at the end of Q3, of 78 million lei.
Over the last few years, "Mechel" România had several announcements about the intention to take out loans from banks such as "ING Bank" or "UniCredit Ţiriac Bank", for working capital.
In the summer of 2011, the representatives of "Mechel" were saying that they intend to attract loans from four banking groups, with a total amount of 173.5 million Euros, for the Romanian assets, in order to finance working capital and to refinance some previously taken out loans.
The company also wanted to take out another loan of 30 million dollars from "Bancpost".
Last year, the group announced that it took out a loan of 50 million Euros from
