Combinatul Siderurgic Resita (Resita Steel & Iron Plant - CSR) became private property for the second time on Wednesday. Following the failure at the hands of the US-based Noble Ventures, the salvation of the plant came from Sinara Handel GmbH, the commercial representative of Russian TMK Group, world's number two piping maker. The new owner bought 90.5% in CSR for one euro, but undertook a nearly 25 million-euro financial effort. Out of this amount, 14.8 million euros are to be used for technological and environmental investments and for working capital. Sinara Handel also took upon itself approximately 10 million euros out of the nearly 50 million-euro debt accumulated by the plant. The remaining debts will be cancelled by means of a special law. "The buyer undertook a complicated business, under risky circumstances. We practically sold a company that had $50 million debts and $50 million losses at the time of privatisation, which pushed the total liabilities to $150 million," Privatisation Authority (APAPS) chairman Ovidiu Musetescu stated. The plant in Resita has previously had its debts cancelled when bought by Noble Ventures. Its debts back then had come to total more than $100 million. "We hope to end an unfortunate and undeserved period for the main economic operator in the county (Caras-Severin), once and for all," Musetescu said. ZF
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