Cocor shareholders to sell shopping center downtown Bucharest to avoid forced execution by bank

The Cocor store in Bucharest's Unirii area is up for sale for some EUR 50 million, part of a reorganization plan aiming at raising money to reimburse a loan taken in 2009 from BCR.

The Cocor Bucuresti shareholders decided to sell the company's assets, at a price of at least 50 percent of the proposed value, and with the possibility to pay in installments, with an advance of at least 25 percent. The loan taken from BCR for Cocor is of EUR 19 million, and was used to revamp the shopping center. Total investments in revamping stood at EUR 25 million. The company is trying to avoid a potential forced execution. Cocor Shopping Center made some EUR 8.2 million in loss last year, which is why BCR mentioned a potential forced execution. The company's total debt stays at EUR 20 million, while its turnover, at EUR 5.1 million. Listed on the Rasdaq platform of the Bucharest Stock Exchange, Cocor Bucuresti is owned by individuals Liviu Ursan, Daniel Stoica, and investment funds Broadhurst Investments, SIF Transilvania and SIF Muntenia. editor@romania-insider.com (photo source: the company)