Business Forum • 12 November, 2024 at 12:04 PM
INFINEXA, a Romanian entrepreneurial company specializing in restructuring and financing for distressed businesses, with assets under management exceeding €150 million, announces the auctioning of five commercial spaces owned by meat processor Angst, which has been in insolvency since April 2024. The company's creditors have approved the sale of these properties in Bucharest and Ilfov, totaling €3.6 million.
”Optimizing the asset portfolio by selling non-essential properties is a crucial step in the recovery process. Following a detailed analysis with the new shareholder, we concluded that this measure will significantly reduce operational costs and mortgage exposure. Additionally, it allows Angst to focus its resources and attention on its core activity, meat production. This strategy will create a solid foundation for business consolidation and sustainable benefits for the company and all restructuring partners,” stated Radu Tudor, Senior Partner at INFINEXA and judicial administrator for Angst.
The General Assembly of Angst's creditors approved the sale of four commercial spaces in Bucharest and one in Ilfov, with a total market value of €3.6 million. The property on Ion Brezoianu Street, valued at €1.4 million, has the highest market price. The property on Șoseaua Colentina is valued at €1.2 million, the commercial space on Șoseaua Pantelimon at €274,000, and the one on Regina Elisabeta Boulevard at €549,000. The property on Șoseaua București-Târgoviște is valued at €154,600.
The assets will be sold individually through public auctions with ascending prices, starting at the creditor-approved market value of each asset. The auctions are set to begin on December 10, 2024. Additional information regarding the auction participation conditions, the properties for sale, and the sale process can be obtained from the judicial administrator.
Angst Ro SRL, a meat processing company, entered insolvency on March 29, 2024, at the request of creditors Abatorul Periș and Primo Mix Food. The company is in the observation phase, during which 80% of Angst's share capital was transferred to Domidene Com SRL to support current operations. Founded three decades ago, Angst is a leading player in Romania's meat industry, with over 170 employees and a network of self-owned grocery stores.
INFINEXA is a Romanian entrepreneurial company specializing in restructuring and financing for companies in financial distress. Founded in 2022, it manages assets worth over €150 million, acts as a judicial administrator for companies such as Blue Air, Hidroconstrucția, Angst, and HP Tower (INFINEXA Restructuring), and offers customized financing services to companies in need of capital (INFINEXA Finance).