EnglishShareholders of "Hidromecanica" will meet at the end of April, to decide on the sale of several buildings by direct negotiation or by offering them as equivalent compensation. The buildings are located in the Center of Braşov, and on the 13 Decembrie Street, were the plant currently resides.
Shareholders are also called to decide on the proposed relocation of the company"s headquarters on the outskirts of Braşov.
Braşov-based engine and turbine maker "Hidromecanica", managed to avoid bankruptcy by requesting that the Court of Braşov validate the out of court imposed arrangement and the administration order. The voluntary arrangement was initiated following the ruling of January 21st by the Court of Braşov. The goal of this procedure is to "save the company and allow it to continue its operations, save the jobs of its employees and honor its debt payments".
Essentially, the company"s entire debt which is roughly 90 - 100 million lei (most of that amount coming from delay penalties and interest accrued on old outstanding debts), will be rescheduled over a period of 18 months, which is how long the turnaround plan which was presented to creditors is expected to take. Most of the company"s debts are historic, and they were brought forward again the moment the company could no longer meet the payments on some of its older debts. In the event the majority shareholder paid off half of its debt, its penalties would be waived.
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