Rulmentul Machinery For Sale: 2.5 Mio EUR

Casa de Insolventa Transilvania and RVA Insolvency Specialists, the liquidators of the Brasov-based bearing manufacturer Rulmentul, have decided to reduce the sale price of the package of movable assets to 2.5 million EUR. According to Dragos Moldoveanu, the representative of RVA Insolvency Specialists, this is the lowest acceptable price. He added that several fixed assets of Rulmentul would also be put up for sale in the following two or three weeks. "We will separate three fixed assets from the respective package. Specifically, the bowling alley, a plot of land and an unfinished production hall will be sold separately," Moldoveanu said.

Fixed assets and mobile assets were treated separately in the last auctions. The fixed assets package, which comprises a plot of 44 hectares and the buildings on it, was priced at 30.3 million EUR (VAT not included) by the liquidation consortium formed by Casa de Insolventa Transilvania SPRL - Cluj Napoca and RVA Insolvency Specialists SPRL - Bucharest. The movable assets package, comprising tools and equipment, was priced at 4.7 million EUR (VAT not included).

The liquidators on 18 March cancelled the auction won by Tampa Resort SRL in December 2008 as the winner had not actually paid the final price of 35 million EUR offered during the auction. Tampa Resort SRL won the 13th auction organized to sell Rulmentul"s assets on 18 December 2008 and was supposed to fully pay the amount by 18 March 2009 but not a penny was paid. Tampa Resort SRL was the only bidder in the auction.

In the meantime, the liquidators have asked creditors to consider accepting some of the assets as payment in kind for the corresponding Rulmentul debts to them. The Brasov City Hall also offered to manage the respective assets after the swap. One of Rulmentul"s creditors is the Romanian State with approximately 80 million RON.