Romanian retailer Ambient transfers stores to reduce bank debt

Romanian Do-It-Yourself and construction materials distribution company Ambient, owned by businessman Ioan Ciolan, restructured in late-2013 its EUR 40 million debts to three banks, namely Piraeus, Banca Comerciala Romana and Raiffeisen Bank, by transferring several stores, according to local business daily Ziarul Financiar. Ambient continues to have total debts of EUR 16 million after the company’s shopping center in Cluj was given in payment to Piraeus bank, for EUR 8.4 million, while other properties, including the stores in Sibiu, Medias and Sighisoara were given, together with the financial obligations, to some firms that have connections with the company. Ambient was established in 2003. In September 2013, the company announced the opening of a 650 sqm commercial center in Borsa, northern Romania. Irina Popescu, irina.popescu@romania-insider.com