Astra Rail Industries takes over 3 IRS companies

10/07/2012

International Railway Systems members Astra Vagoane Arad, Meva SA and Romvag Caracal, all three companies in insolvency since 2010, have been taken over of over EUR 30 Million by a joint-venture including two companies based in Germany and the Netherlands, the trustee in bankruptcy announced.
“The transaction represents a measure of integrated recovery: capital infusion, market access, management team and support from creditors. We thus avoid the shutdown of three companies and the cut of over 1,500 jobs”, said the officials of Transilvania Insolvency House, the trustee in bankruptcy of Astra Vagoane Arad and Meva SA. The amount of over EUR 30 Million will go into the accounts of the creditors, RBS Bank, ING, Citibank Europe and Piraeus Bank, who had credited the development of the factories by EUR 120 Million.
The assets of the three factories have been transferred to another company, called Astra Rail Industries, owned by Astra Rail Management B.V based in the Netherlands, with a share of 95% and by Astra Rail Management based in Germany with 5%, according to information from the Trade Register. The company’s manager is Thomas Manns, 35 year old, born in Northeim (Germany). “We cannot provide any further information about the investor”, declared on phone a representative of the company’s trustee in bankruptcy.
Source: zf.ro