The Romanian Government plans to take over the only producer of rebar in the country, COS Targoviste, which has been under insolvency procedures since 2013, in exchange for its debt to the budget.
The reorganization program, proposed by the company's main creditor, awaits approval from the other creditors, Profit.ro reported. The Government has already prepared the legal procedures for taking over the plant by the Economy Minister.
COS Targoviste is among the assets previously owned but abandoned by the Russian group Mechel. The largest creditor is the legal vehicle Alphard Financial Corp., registered in the British Virgin Islands. The special administrator of the plant is the Russian Oleg Shvedakov.
The core assets of COS Targoviste were valued at RON 302 million, according to the company's documents.
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