Tec Miaco, one of the two leading players in the chicken industry whose sales totalled $43 million last year, is going through a rather rough time. The two funds that held 45% in it, Romanian American Enterprise Fund (RAEF) and Romanian Investment Fund (RIF) sold their interests and the most important of the five companies in the group, Tec Romania, is on the verge of being placed in receivership.
"The two investment funds sold their stakes to a domestic investor two weeks ago. It was very difficult to devise the reorganisation plan with the two funds so that we found a way for them to exit the business," Marius Iliev, Tec Miaco's chairman and owner of 45% in it told Ziarul Financiar.
He did not reveal the name of the businessman who bought RAEF's and RIF's interest or the value of the transaction, either. Iliev added the said businessman did not plan to stay in this business for too long but only until an investor to feed working capital into the company was found.
"The 15-20 million euro total debts to banks and suppliers led to the insolvency of Tec Romania, the company that serves as an integrator in the group, being filed for. At the moment, we would need some 8 million euros to get past this difficult time," Marius Iliev says.
He added talks were being conducted with a number of investors in view of a capital inflow, albeit he did not rule out a possible sale if the price was good. "We are in rather advanced talks with five investors in the (line) industry and with other investment funds for a capital inflow. I am positive we will strike a deal with one of those we are negotiating with in a few months," Tec Miaco's chairman says.
stelian.negrea@zf.ro
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