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The six month period for the liquidation of Barlad-based abrasives manufacturer Abrom expired on August 1st, with the factory closed pending privatization, NewsIn reports. According to the State Asset Recovery Authority, the factory was completely reorganized during the six months of voluntary liquidation. All employees were fired. If the company is privatized, the buyer will have an obligation to hire back all employees and maintain the core business.
This would be the third attempt to privatize the factory. The first two tenders attracted no bidder. The price was lowered 20% after the first tender and will be lowered 40% compared to the initial price for the third tender. Nine potential bidders expressed interest in the company. Tyrolit - Netherlands bought the tender book on all occasions.
Abrom decided to commence voluntary liquidation following failure to pay largely overdue debts to the State and raw material suppliers. The company was initially privatized in 2002, when the employees bought 77%. Abrom currently owes 28.1 million RON.
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