Polish investor confirms interest for distressed assets in Romania's steel industry
Polish investor Marek Frydrych, who is in talks for acquiring the core industrial assets of several Romanian metallurgical companies currently under insolvency or bankruptcy, has confirmed for Profit.ro that he was coming to Bucharest on…
Romania Insider · Journalist
· Updated · 1 min read
Polish investor Marek Frydrych, who is in talks for acquiring the core industrial assets of several Romanian metallurgical companies currently under insolvency or bankruptcy, has confirmed for Profit.ro that he was coming to Bucharest on February 4 for discussing the terms of the acquisition.
The steel companies envisaged by Frydrych were previously held by Russian steel group Mechel.
The Polish investor will carry out the acquisition through local company Laminorul Danube Metallurgical Enterprise, in which he controls over 90% of the capital, through Sunningwell International Polska. Polish metallurgical products trader West Trade holds the remaining 10%.
In September last year, Laminorul Danube made an offer worth EUR 38.3 million for the acquisition of the functioning assets of insolvent steel producer COS Targoviste. In a second deal, Laminorul Danube offered EUR 7.5 mln for the core assets of steel wire producer Campia Turzii Wire Industry (ISCT), also in insolvency, an offer approved by the company’s creditors last November. A third deal pends on the settlement of the debts owed to the public budget by Ductil Steel Buzau.
Laminorul Danube is ready to pay EUR 18 mln for the steel production facilities.
(Photo source: Pixabay.com)
