English"Titan" (symbol: MPN) has reached an agreement with "Alpha Bank" to extend the multi-option credit facility with a maximum value of 10 million Euros until November 2011. In December 2009, the company concluded an agreement for a credit facility, which will expire on December 23rd. The funds were necessary for financing and refinancing the exposure of the company, as well as to issue bank guarantees.
After the first nine months, Titan reported losses of 2.56 million lei, whereas in the similar period of 2009 it had a profit of 5.63 million lei, however the losses diminished compared to the first semester, when they amounted to 6.56 million lei. For 2010, the company had planned a turnover of 232.2 million lei, down 4.1% compared to 2009, and a gross profit of 9.1 million lei, 5.3% lower YOY.
Titan is controlled by Austrian company LLI Euromills Viena, which holds 97.58% of the company"s share.
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