Bere Azuga borrows 10 mln euros from Ursus Breweries

Bere Azuga brewer sealed a 10-million euro loan arrangement with Ursus Breweries to cover mature investment loans and work capital needs, reads a press release remitted to Rasdaq stock exchange.

Ursus Breweries acquired majority stake in Bere Azuga for 7.15 million euro in late January.

This month, the production in Azuga-based bottling facility was halted and a final decision on the future of the center is due to be made in the following General Meeting scheduled for mid June.

Azuga-based production center’s headcount stood at around 170-180 and the production capacity of 200,000 hectoliters. Workers are now in temporary layoff, the board following to tackle the issue with the trade unions.

As chairman of Ursus Breweries said, workers would receive financing for re-qualification services and severances equivalent of 10-20 monthly salaries.

Romanian brewer posted 9.6 million lei losses for 2008 and a turnover of 28.5 million lei, up 4% from prior year, but missed forecasts by 53%.


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