EnglishDoru Mocanu,IaŞi
The last plots of land of "Nectar" SA Paşcani were put up for sale for the second time. According to the officials of Sigma IPURL, the liquidator of the Pa cani-based company, the goods will be auctioned off by the end of May.
"We have announced the sale last week, and the plots of land in question will be put up for sale on May 29th. According to the law, the value of the assets was lowered by 25%, compared to the asking price of the first auction", said Adrian Ababei, the liquidator of Nectar SA Paşcani. The assets of the sugar factory "Nectar" SA Paşcani were put up for sale for the first time on April 17th, but the first auction failed to attract any bidders.
The assets on sale include two plots of land, one of 400 square meters within the built-up area of the Zamostea commune in the county of Suceava, and a farming land of over 2500 square meters, in the Grămeşti commune, of the same county. The 400 square meter plot was put up for sale at a price of 4400 lei, whereas the price for the plot of land in Grămeşti is 23100 lei. The plots in question have been identified after several sale-purchase contracts were found, by which the company had bought four plots of land for the storage of sugar beet, in the 1994 - 1996 period. "We managed to register in the Land Registry the two plots that we have put up for sale, whereas for the other two plots, the registration in the Land Registry is under way, and once the completed, they will be auctioned off as well", Adrian Ababei said.
Nectar SA Paşcani, whose activity is the production of sugar and other products, had been incorporated under this name in 1990, and was fully owned by the Romanian state. The first failed attempt to privatize the company took place in 2000. One year later, the privatization contract was cancelled, and in 2002 Nectar SA was privatized again, with United Sugar Associates Inc. becoming a majority shareholder. In 2004, the factory was taken over by the Romanian state again, following the cancellation of the second privatization contract. However this time, the State found that the company"s assets had been considerably reduced by the sales made at the creditors" request. Therefore in 2004, production stopped, and in 2005 the bankruptcy procedure was initiated. However, by then, most of the company"s assets had already been sold off, including, among other things, a 38 hectare plot of land in Paşcani, that the factory was sitting on. The plot of land had been mortgaged in exchange for a loan taken on from the Romanian Commercial Bank and was later sold by the bank to Interwoods Trading Group SRL. Therefore, upon the initiation of the bankruptcy procedure, only assets of low interest remained: a plot of land within the built up area of Iaşi, next to the Recovery Hospital, and a retail area in the Dacia district, together with the four plots of land previously mentioned, which were discovered later.
According to the report drafted in 2005 on the situation of the factory, that the request for the liquidation was based on, the factor that caused the bankruptcy was simply the privatization process initiated by the Romanian state. "The privatization of the company did not improve its efficiency. The only thing it did was to lower the company"s operating capital, with the company"s assets dropping to 17.65 million lei in 2004. The output shrunk 29 times itself, from 5.63 million lei in 1998 to just 191,000 lei in 2004, and the turnover shrunk 30 times from 14.5 million lei in 1999 to 474,000 lei in 2004. The debts of the company increased threefold, from 6.04 million lei in 1999 to 20.16 million lei in 2004", according to the evaluation report.
As a result, the Authority for State Assets Recovery (AVAS), currently holds 52.21% of the share capital of company that is pretty much worthless, as the money obtained from the sale of the four plots of land that the company still owns will be used to repay a small part of the company"s outstanding
Euro
Dolar SUA
Franc elveţian
Liră sterlină
Gram de aur
