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Romanian AVAS Puts Off Avioane Craiova’s Sale Until May 20

Romanian privatization authority AVAS postponed again the deadline to submit the bids for the privatization of airplane maker Avioane Craiova from May 9 to May 20.
Romanian AVAS Puts Off Avioane Craiova’s Sale Until May 20
05 mai 2008, 12:00, English

The deadline was initially extended 22 days, from April 17 to May 9.

The airplane maker is majority owned by AVAS. The agency’s 80.9% stake in Avioane Craiova will be sold through negotiation based on final, improved and irrevocable bids.

AVAS changed the documentation on Avioane Craiova’s privatization at the end of April.

Seventeen Romanian and foreign investors bought the company’s task book by the end of March, namely, Saab (Sweden), Bucharest’s Grampet, Aero Vodochody (the Czech Republic), Lord Expert Consult Romania, Bucharest’s Aviation Institute INAV, Bucharest’s IMA Metav, Jafco Holding Romania, Pro Faur Invest Romania, Alenia (Italy), Bucharest’s MBL Computers, Sabca (Belgium), Somaca-Gosselies (Belgium), regional investment fund SIF Oltenia, Bucharest’s Safrom Trading, International Railways Systems (Luxembourg), UMEB Bucuresti and Compass Pele (South Korea).

Eleven of the aforementioned companies have already paid the fee to get access to the company’s data.

In 2007, the company’s losses were of 7.63 million lei (EUR1=RON3.6467), sixfold higher from a year before.

Avioane Craiova reported RON25.12 million in revenue in 2007, down 4.3% from RON26.21 million a year earlier.