Creditors of Liberty Galați SA and Liberty Tubular Products Galați SA have approved a new restructuring plan that sells the steelworks and the Tubular unit by direct negotiation at a starting price of €200 million excluding VAT, concordat administrators CITR and Euro Insol said, as reported by Digi24.

The vote creates a framework to attract an investor able to restart production at Romania’s largest steel plant. The assets will be offered together; bidders will be judged on price and on their capacity to revive industrial activity.

Next comes homologation by the syndic judge. Only then will a public notice set participation terms, the timetable and the deadline for binding offers. CITR and Euro Insol are already inviting interested investors to prepare.

Paul-Dieter Cîrlănaru (CITR) said the stake is not only selling assets but keeping industrial capacity and jobs. Remus Borza (Euro Insol) called the creditors’ vote an essential step after months of talks.

The government recommended approving the plan and announced a six-month extension of support for salary rights of about 2,400 active employees. The interministerial committee on state interests was briefed on Friday.

Approval before the 9 November deadline aims to avert bankruptcy, which would risk losing a strategic site and thousands of jobs. An actual sale still depends on court homologation and finding a viable investor.

Illustrative image: blast furnaces at a steelworks (Wikimedia Commons, CC BY-SA 2.0).

Sources consulted: Creditors approve restructuring plan for Liberty Galați — Digi24.