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• The court appointed liquidator to auction off assets worth an estimated 4.2 million Euros
Assets of the explosives producer "Rom-arm Făgăraş" will be auctioned off on June 8th by the court appointed liquidator, Info-Dip Insolvency Braşov. These assets consist of 139 hectares of land including buildings and equipment, and they have an estimated value of 4.2 million Euros. The "Special Products Factory of Făgăraş" has accumulated over 16.5 million lei in debt, and the sale of its assets would allow the compensation of its public and private creditors.
The branch of the national weapons and defense equipment manufacturer "Romarm", has entered judicial reorganization in 2005. Representatives of the judicial liquidator said that the sale of assets was initiated in 2008, which coincided with the moment when the financial crisis began making its presence felt in Romania, which prevented the sale.
"We are still looking to sell off the assets, and what we are putting on the auction block this time essentially make up the entirety of the company"s assets", they said. Among the assets which will be auctioned off include empty plots of land, testing grounds, as well as plots of land with the afferent buildings.
In its 15 plants, "Romarm" manufactures military equipment and technologies. "Romarm" is owned by the state, as part of the Ministry of the Economy, Commerce and Business Environment.
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