The road to the Sphinx in Bucegi could also reach BVB. Project for the listing of the Busteni cable car on the AeRO market, after a tumultuous history

 

A fund registered in Cyprus and controlled by a Romanian investor has obtained in court, as a creditor, the bankruptcy of the company that operated the cable car cabins in the Prahova Valley. The assets would be concentrated in a company that would be listed on the stock exchange.

The plan is to evaluate the operating systems of the cable car cabins in Bușteni and Predeal, so that all creditors can be paid at fair value, the most important of which is the Romanian Tax Office, and then the assets will be transferred to a company that will be listed on the AeRO Multilateral Trading System of the Bucharest Stock Exchange. On the other hand, it is stated that the Wolf Fund would not have purchased the receivable, and the Sinaia company went into illegal bankruptcy, with payments to ANAF in installments and a lawsuit won against ANAF at the Court of Appeal, the company will eventually exit the bankruptcy procedure. Tax receivables cannot be assigned without an auction, which was not done, it states. The company is already established under the name Wolf Teleferic and has a share capital of 25,000 euros. Although Pistae – which worked at the National Securities Commission (CNVM), the capital market regulator, at the beginning of the institution, meanwhile integrated into the Financial Supervisory Authority (ASF) – is considering a technical listing that it sees as feasible in March of next year, the action would be liquidated through successive capital increases, following the model of Banca Transilvania. There is room for such operations since the company’s assets, which in addition to the cable car cabins also include the Susai domain, amount to approximately 20 million euros.

How does such a valuable asset end up being taken over “in the blood” by the Cyprus fund? Teleferic Prahova had debts of 20-25 million lei to ANAF before the pandemic, so FFB Wolf Hedge Fund tested the company’s willingness to pay these obligations and when it saw that they were not being paid, it switched to the systematic purchase of some receivables of the Tax Authorities. Pistae, former general manager of Creditanstalt Asset Management, says that it stopped with the purchases at 5.00 million lei because it already exceeded the company’s share capital of 603,000 lei and could have a decisive say in the Creditors’ Meeting. Transformed into Genetrix, the company switched to paying receivables of 15.00 million lei, but remained “below sea level”, and later the debts increased again, in the form of short-term obligations, also to ANAF.

Initially, FFB Wolf Hedge Fund aimed to use subrogation to take control of the existing company in the Creditors’ Meeting and save it. A decision last spring from the Brașov Court of Appeal said, however, that this cannot be applied through the Fiscal Code, but did not recognize the possibility of using it through the Civil Code. This is the context in which the Cyprus fund requested the bankruptcy of Genetrix, for which it obtained a final decision at the beginning of July on appeal after a favorable substantive decision, at Easter, at the Brașov Court. The derailment of the reorganization plan was invoked, a company can remain in this stage for 5 years (plus one year of accepted derogation for the pandemic). Already, the judicial administration of the Prahova cable car by the consortium formed by Sierra Quadrant and Tanasa și Asociații SPRL covered the years 2017-2024 and the court took note of this reality, the next option becoming the entrustment of assets through the bankruptcy procedure.

Pistae says that, after the evaluation, he will pay the difference to ANAF, which is constrained by legislation and cannot concentrate assets in one company. Third-party creditors would also be satisfied. Sârbu, who controlled Genetrix through 2 companies, including Prosperya, would receive nothing because the debts exceeded the share capital. “The man lost all his assets without compensation,” says Pistae, former owner of the Robinson Hotel in Predeal. His objective is to concentrate them in the new company and, in addition, to use it to recover the Sinaia cable car, sold to the municipality in a transaction that he considers detrimental to the company. In the winter months, the cable car cabins bring in income equivalent to 1.7 million euros for Sinaia alone, according to calculations by FFB Wolf Hedge Fund. Where the beautiful story to tell on the stock market is that these parameters are even better for the Bușteni cable car, which would bring net income of approximately 2 million euros between June and September from tourists who want to see the Sphinx and Babel.

Read original article here: https://www.profit.ro/povesti-cu-profit/financiar/piata-de-capital/drumul-spre-sfinxul-din-bucegi-ar-putea-ajunge-si-la-bvb-proiect-pentru-listarea-pe-piata-aero-a-telefericului-din-busteni-dupa-o-istorie-tumultoasa-22092949