Privatization of Avioane Craiova pending for regulatory approval

Romania's state assets recovery body (AVAS) announced today it is wating a government decision to resume privatization of the local aircraft maker Avioane Craiova, after the company was transferred to the Economy Ministry’s portfolio, NewsIn informs.

The company posted losses of 16.39 million lei last year, almost double compared to the ones recorded in 2007.

AVAS announced it would restart the privatization of local plane maker Avioane Craiova on October 20, planning to sell 80.97 percent of the share capital after it decided to give up privatizing the company with Czech investor Aero Vodochody on misunderstandings regarding some of the clauses in the contract.

After successive extensions, the deadline for filing offers was established for January 30 2009. The negotiations committee has until April 17 this year to analyze the sole acquisition offer coming from Italy's Alenia Aeronautica S.p.A.

Some 741,339 shares at a face value of 2.5 lei will be sold through direct negotiations on improved and irrevocable offers.

The Czech company had asked AVAS to guarantee that Avioane Craiova will not go bankrupt before the transfer of property rights and will undergo a restructuring program. Besides, Aero Vodochody demanded compensations of up to 50 percent of the price paid. AVAS considered these requirements illegal and dismissed the company's plea that the privatization deadline be prolonged.

The Czech investor's offer amounted to 16.32 million euros. Some 4.11 million euros would have been paid for the plant shares, 8.88 million euros were to be directed into five-year investments and 3.3 million euros were to be spent in the first six months from the time of the property rights transfer.

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