Creditors of insolvent Romanian winemaker Vinarte recently approved othe sale of the producer’s assets, wine stocks and brands to Chinese group Red Gate, for EUR 3.6 million, according to representatives of RVA Insolvency, the company’s judicial liquidator.

China-based Red Gate intends to buy with EUR 3.6 million Vinarte’s assets, as well as the stocks of wine and the brands, put up for sale for EUR 3.5 million, according to a report of RVA Insolvency.

The winemaker’s creditors met late last week and approved the sale of the asset in Zoresti, Buzau county, where Vinarte owns 94 hectares.

“Creditors have approved the sale and we started negotiations with the interested company. I estimate the sales contract to be signed in May,” Arin Stănescu, owner of RVA, told Mediafax.

The asset package for sale consists of about 94 hectares of vineyard, buildings and equipment for wine production valued at EUR 1.08 million, wine stocks valued at EUR 1.6 million and the wine brands of the winery, which are valued at EUR 182,000 to EUR 769,000.

This sale will allow the company to pay all of its debt, according to RVA.

Vinarte was founded in 1998 by Italian investor Sergio Faleschini who is still the main shareholder of the company. He was one of the first foreigners to start a winemaking business in Romania. Except Villa Zorilor, Vinarte holds two more wineries: Starmina in Mehedinti county, close to the Danube, and Bolovanu in Samburesti wine region, Olt county, with a total of 250 hectares of vineyards.

In 2012, Vinarte had a turnover of about EUR 2.6 million, according to data from the Finance Ministry.

Irina Popescu, irina.popescu@romania-insider.com

(photo source: Villa Zorilor, Vinarte)