BUCHAREST, Romania, March 22 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) said on Monday it was enforcing the rights of its finance and security documents regarding Danube Logistics Holding BV’s stake in Danube Logistics, operator of the international free port of Giurgiulesti in Moldova.
The EBRD’s enforcement action, which began on March 18, aims to ensure the uninterrupted operations and continued expansion of the Giurgiulesti international free port and to protect its financial interests in the project, the bank said in a statement. hurry.
Thus, the EBRD seeks to prevent any attempt to redirect funds out of Danube Logistics due to the external administration imposed on the company, fearing that this could put the company in serious financial difficulties.
The action follows the decision of a Moldovan judicial officer on February 25 to appoint an external administrator of the assets of Danube Logistics, following a contested claim against one of the ultimate beneficiaries of Danube Logistics Holding BV.
“The EBRD regards this appointment as an interference in the functioning of the company, having a direct negative impact on its ability to continue to operate and to repay its debts, as well as to conflict with the legitimate interests of the EBRD by as a lender holding a guarantee on the shares of Danube Logistics and as an economic beneficiary of these shares, ”the bank said.
The EBRD has been supporting the development of the Giurgiulesti international free port by Danube Logistics since 2005. To date, the EBRD is Danube Logistics’ largest creditor as well as the main beneficiary of Danube Logistics Holding BV’s stake in Danube Logistics.
The international free port of Giurgiulesti is the only maritime river port in Moldova located on the Danube. On average, the port facilitates international trade of Moldovan companies with more than 50 countries every year.
Danube Logistics, a Moldovan limited liability company, is the general investor and operator of the international free port of Giurgiulesti. In December 2004, Danube signed an investment agreement with the government of Moldova for the construction of the international free port of Giurgiulesti.