Amrom Automotive buys 1.5m-euro debt

Amrom Automotive 2006, whose chairman of the Board of Directors is the former vice-governor of the NBR (National Bank of Romania) Vlad Soare, intends to buy receivables worth 1.5 million euros from the creditors of the Aro Campulung plant, said Amrom’s manager, Mihai Ciobanu. Amrom increased its share capital by 1.1 million RON (300,000 euros) with this in mind. “We are currently in negotiations with representatives of Aro’s two creditors, as well as with the BCR Arges branch and with the Campulung Town Hall. I think negotiations will be finalised at the beginning of August and we will be able to buy receivables guaranteed with real guarantees, worth some 4.5 million RON from the BCR and about one million RON from the Town Hall,” said Amrom’s general manager. “We want to take over the automotive parts and components plant and rent Aro’s assets by means of transfer. We will then buy the assets when the plant is put up for auction,” said Ciobanu.