Vinterra unable to pay debts to banks

Vinterra International wine producer, a Romanian-Dutch joint venture that owns 100 hectares of vineyard in the Dealu Mare and Vanju Mare regions, has defaulted on bank debts worth several hundred thousand euros. “We are unable to pay a series of debts to both the bank and the state, which were registered in 2005, the year with the weakest harvest since we first arrived on the market. We filed for a three-year insolvency, a period during which we have pledged to carry out an investment programme,” stated Nicolae David, the company’s general manager and one of its shareholders. David holds a 17% stake in the wine producer. The Vinterra representative also said the producer came up with a turnaround plan, which is currently being analysed by its creditors, but ruled out the company entering bankruptcy procedures. “We are in talks with several investors to revive the company. Given the value of the company’s assets and the new vineyards, we are confident we can find a powerful partner,” stated Theo Jansen, the representative of GeoDev BV company, which holds 71% in Vinterra’s capital.