English
The State Assets Recovery Authority (AVAS) did not attend the meeting of shareholders in Nitroexplosive - Fagarasi late last week, despite being the majority shareholder. The Nitroexplosive Board convened last month and asked AVAS to call a General Meeting as soon as possible to deicide on liquidation procedures, after two failed privatization attempts.
AVAS showed little interest in the future of Nitroexplosive. Although several investors, including Austin Powder, Stefan Vuza and Nitromac, had expressed interest in the company, no final bid was ever submitted upon news that the assets would eventually be available for sale during the liquidation process.
Nitroexplosive and AVAS had signed a memorandum indicating that, should privatization fail, the company would start liquidation procedures. However, the document was only signed to defuse union pressure. Seeing that AVAS is hardly interested in the fate of the company, the Nitramonia - Ropiro Union threatened to sue AVAS for negligence.
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