Vinterra producer poised to complete sale

The shareholders of wine producer Vinterra are negotiating the sale of the majority interest with a foreign investor, with talks almost at an end, according to company data. The list of interested companies includes several investors but negotiations have reached an advanced stage with just one interested party. “Talks came to a standstill during summer, but we could sign by the end of the year,” said Nicolae David, general manager of Vinterra and one of the company’s shareholders. He did not care to reveal the name of the investor, but merely stated that it was not the interested party’s first business in Romania, and that it had ties with the beverages industry. Vinterra ended 2007 with an over 1 million RON turnover, but failed to make any profit. The producer is now implementing a reorganisation plan after it was insolvent for a while due to the poor crop in 2005, which affected a number of companies in the industry.