Romania's Electroputere To Borrow up to 70 Mln Euro To Finance Operations, Pay Off Debts

The loan can be contracted at each commercial bank in Romania and the management board of the company may also decide to use it in any other way, if necessary, Electroputere said in a statement but provided no further details.

Electroputere's stock was last traded 1.72% down at 0.57 lei on September 9 on the Bucharest Stock Exchange.

The company said earlier that its first-half net loss widened to 12.8 million lei ($4.9 million/3.5 million euro) from 11.27 million lei a year earlier.

Electroputere has also said it expects to cut its loss to 19.97 million lei in 2008 from 54.95 million in 2007. Turnover is seen at 277.64 million lei, up from 142.8 million last year.

($= 0.7185 euro)