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March 23, 2023

Astra Vagoane, Meva and Romvag Caracal, sold for over EUR 30 M

The insolvent companies Astra Vagoane Arad, Meva and Romvag Caracal were purchased yesterday by a German investor, for over EUR 30 M, the judiciary administrator of the companies, ‘Casa de Insolventa Transilvania’ announced yesterday, quoted by Mediafax. The creditors’ assemblies of the three firms belonging to the IRS group of companies agreed to the takeover offer submitted by the investor, and the transfer contracts have been signed. The negotiations were attended by the main creditors of the group, a banking consortium led and coordinated by RBS, and by the former shareholders. Each of the companies has more than 100 years of tradition in the Romanian industry, and the three companies cumulate more than 1,500 employees. When the takeover procedures started, six months ago, the consolidated debts of the three firms exceeded EUR 150 M. The IRS group, controlled by businessman Cristian Burci, is headquartered in Luxembourg and also controls 30 pc of the Severnav Drobeta Turnu Severin shipyards. IRS also owns the railway transport company Servtrans Invest and, through the intermediary of Astra Vagoane, it was controlling the Arad-based construction company ICIM.

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