The reorganization plan of Interagro SA, among the country’s main agricultural companies controlled by local investor Ioan Niculae, which entered insolvency in 2016, provides for the payment to the creditors of only about 44% of their total claims against the company, Profit.ro informed.

Guaranteed and public creditors, as well as Interagro SA employees, will recover their claims in full, according to the reorganization plan, while the holders of non-guaranteed claims will have to settle for a 31% recovery rate.

Interagro proposes to pay RON 510.7 million (EUR 110 mln) while the list of creditors includes claims amounting to RON 1.16 billion (EUR 249 mln). More than half of the total amount Interagro plans to pay to creditors will come from the sale of real estate, non-fix assets, stocks and stakes in other Interagro companies, which are considered non-core to its operations and whose market value was estimated at RON 277.2 million (EUR 60 mln).

Out of this amount, a share of over 50%, namely RON 152.3 million, will be generated by the sale of the buildings and land of the former Belvedere cigarette factory in Regie district in Bucharest. The property is a collateral made in favour of Piraeus Bank. Part of this real estate asset is classified as a historical monument and the Ministry of Culture holds pre-emptive rights.

Interagro's court-appointed manager, Transilvania Insolvency House, estimates that the company will be able to recover debts from its debtors in amount of RON 288.7 million, or three quarters of their estimated market value. Most of these receivables come from debtors in the Interagro group, such as Interagro, Viromet Victoria, Ga Pro Co SA or Bio Fuel Energy.

editor@romania-insider.com

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