Vinterra shareholders appraise company at 3.3m euros

The shareholders of the wine producer Vinterra International, which holds 100 hectares of vineyard in the Dealu Mare and Vanju Mare areas, estimate the company is worth 3.3 million euros and say that if they concluded a transaction, they would give up control of the business. “We are considering selling a majority stake. So far, around 10 companies have shown an interest in Vinterra, both Romanian and foreign ones,” said Nicolae David, a shareholder and general manager of Vinterra. The producer has a financial recovery plan, after defaulting on a series of debts to the bank and to the state, which were accumulated during the industry’s most difficult year, in 2005. The shareholders are ruling out the possibility of filing for bankruptcy. For 2007, Vinterra has budgeted an increased turnover, by around 8%, to 0.5 million euros, compared with 0.46 million euros in 2006. “This year, we don’t expect to make a profit. As long as the company is investing in land and technology, it will be hard for us to step into the black (…)”, added the Vinterra representative.