EnglishThe Brasov County Court late last week ordered a simplified bankruptcy procedure against Toptherm SA - Ghimbav and appointed Maestro SPRL - Constanta as liquidator. Maestro had previously won the tender for the voluntary liquidation of Toptherm. As no one expressed interest in its assets, bankruptcy followed.
"We have explained the situation to the creditors and they agreed to start insolvency. We will declare bankruptcy as soon as possible and place a bid to the Brasov County Court to be appointed as liquidators," said Maestro Director Anca Sarbu after a meeting with the creditors.
"The company owes 14 million RON. In a fist attempt, the industrial platform was offered for sale for 16 million RON, but no one was interested in anything else byt the land and the production buildings, considering that the company is tied to IAR and Constructii Aeronautice SA and their privatization is uncertain," Sarbu added.
Liberty Aerospace appeared interested in this privatization operation and they even submitted a letter of intent regarding Constructii Aeronautice - Ghimbav. In September 2007, when an auction was organized to sell Toptherm assets starting from 16.89 million RON (5.12 million EUR) plus VAT, Liberty Aerospace - USA and Terwa BV - Netherlands were the only two interested participants.
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