Recuperare Consulting Group SPRL Could Be Nicolina"s New Administrator

Doru Mocanu,

IaŞi

The Iasi County Court of Appeal could appoint a new administrator of Nicolina SA - Iasi by the end of the month. According to the Iasi Country General Directorate of Public Finance, which is Nicolina"s main creditor, the current administrator could be replaced by Recuperare Consulting Group SPRL - Bucharest. "The Iasi County Court of Appeal will convene on 27 May to rule on the contestation filed by Nicolina SA against the appointment of the consortium formed by Management Reorganizare Lichidare SPRL and LD Expert Group IPURL - Husi as the administrator of Nicolina. The appointment was made before the company became insolvent. Consulting Group SPRL - Bucharest will probably be appointed as the new administrator of Nicolina SA," said Maria Taran, spokesperson for the Iasi County General Directorate of Public Finance.

According to the contestation, when Nicolina SA became insolvent and an administrator was appointed, the appointment did not consider the company"s request to appoint their preferred administrator, Consulting Group SPRL - Bucharest. Nicolina therefore contested the appointment of the consortium formed by Management Reorganizare Lichidare SPRL and LD Expert Group IPURL - Husi and requested the appointment of their preferred insolvency practitioners.

Nicolina SA stopped operations in April 2005, when the privatization contract was terminated and the control stock held since 2002 by a consortium formed by the Employee Association and Mecanoexportimport returned to the State. Later on, Nicolina embarked upon a reorganization programme. In September 2008, the bankruptcy judge accepted Nicolina"s petition to initiate the insolvency procedure. A total of 38 creditors claimed 24.4 million RON, including 15.6 million RON claimed by the Iasi Country General Directorate of Public Finance, representing the National Fiscal Administration Authority (ANAF).

Nicolina SA designs, manufactures and sells various road building and maintenance equipment and cement processing equipment. The company is controlled by the State Assets Recovery Authority (56.87%), followed by the Nicolina Employees Association (24.69%), SIF II Moldova (15.88%) and others.