Burci's plants valued at 103m euros

If the market value of the three insolvent rolling stock manufacturers Astra Vagoane Arad, Meva and Romvag, controlled by international group Railway Systems (IRS) held by Cristian Burci, amounts to 103 million euros, according to the judicial administrator of Astra Vagoane Arad.

“If the assets are functional, their value stands at around 103 million euros. The asset liquidation value (if the assets are no longer functional when taken over) is 57 million euros,” said Rudolf Vizental of Solve Insolv insolvency firm, the court-appointed administrator of Astra Vagoane Arad.

The consolidated debts of the three plants that went insolvent at the end of last year amount to 150 million euros.

The court-appointed administrators of insolvent plants Astra Vagoane Arad, Meva and Romvag, which posted a 230 million-euro turnover in 2009, are seeking an investor interested in buying the majority stake in the three plants.

RBS Bank Romania, ING Bank, Citibank Europe and Piraeus Bank lent 504 million lei (120 million euros) for the development of Burci’s plants, and are now among the top creditors that have money to recoup from the businessman’s plants, according to data on the list of creditors.