BUCHAREST (Romania), October 7 (SeeNews) – Romanian company Chemgas Holding Corporation has acquired 57.13 million lei ($19.6 million/13.4 million euro) worth of assets of local chemical fertiliser producer Amonil in exchange for debt, Amonil said on Wednesday.
Chemgas, which is Amonil’s main creditor, acquired ownership of one fertiliser production platform, two retail outlets, a hostel, two plots of land and several apartments in a debt enforcement procedure, Amonil said in a statement.
Last month Cyprus-based Salink Limited, which holds a 13.54% stake in Amonil, proposed to raise Amonil’s capital by 58.7 million lei to repay Amonil's debt and avoid selling the company's fixed assets. However, earlier this week Chemgas Holding Corporation declined Amonil’s proposal to postpone the debt enforcement procedure and renegotiate the debt.
Amonil stock is listed on the Bucharest Stock Exchange, where it closed 7.65% at 0.0197 lei on Wednesday.
The fertiliser maker reported a net profit of 8.6 million lei in the first half of 2009, down from 21.3 million lei a year earlier. In mid-June the company resumed production of ammonia and urea after halting it at the beginning of March due to low market demand.
(1 euro = 4.2705 Romanian lei)