Owners of the Asesoft group, Iulian Stanciu and Sebastian Ghita,announced yesterday the takeover of a 60% stake in Flanco, thestore chain put up for sale by creditor banks ING, UniCredit TiriacBank and BRD after it went insolvent.
Banks are left with 40% of the business, but also with thestatus of lenders of the new shareholders. "We have financed ourinvestment in Flanco with loans from the three banks that are ourpartners," Stanciu said.
The deal was announced yesterday in a conference where Flancomanagers kept the mystery until the last moment: Iulian Stanciu"made his entrance" a quarter of an hour into the conference,alongside a KPMG manager - the company that advised him in the dealwith Flanco's creditor banks. The conference was not attended byany representative of the three banks, although they are left with40% in the company, and had the last say in choosing the new Flancoinvestor.
The Asesoft owners will pay the chain's 10 million-euro debts tothe three shareholder banks and will bring 4 million euros into thecompany to boost its working capital.
The transaction is set to pull Flanco out of insolvency in a fewmonths' or even a few weeks' time.
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