AVAS succeeds in appointing its candidate as receiver of "Nicolina" Iaşi

The Authority For State Assets Recovery has succeeded in having Eugen Benea, former manager of "Vitalef" Iaşi, appointed as receiver of "Nicolina" Iaşi.

Corneliu Mititelu, the receiver of the Iaşi-based company, said: "Mr. Eugen Benea was appointed as receiver of the Company with the most votes. The other shareholders who attended the General Shareholders" Meeting, namely Cătălin Oană, the company"s former manager, and Constantin Safta, with the latter being backed by the union of Nicolina SA".

"Nicolina" halted its operations in the month of April of 2005, when the privatization contract was also cancelled, and the minority stake owned by a consortium consisting of the company"s union and Mecanoexportimport reverted to the state. The company subsequently entered a restructuring program, and in September 2008 it entered bankruptcy at its own request. According to the bankruptcy schedule set by the court, the definitive list of creditors will be published on May 20th, 2010.

Nicolina SA" line of business is the design, manufacturing and domestic and foreign distribution of equipment used in earthwork, constructions, road repair and maintenance, preparation and casting of cement concrete and of asphalt mixes, as well as many other metallic products. At this time, the main shareholders of the company - apart from AVAS, that owns 56.87% of the company"s share capital, are the company"s union (24.69%) and SIF II Moldova (15.88%), with the rest being held by individual and corporate investors.