Ziarul Financiar - July 14, 2009
Ilie Penescu, co-owner of the Pic hypermarket chain, wants to secure liquidity by selling the fixed assets of the retailer under a sell and lease back contract, which allows the company to continue its retail operations as a lessee in the current locations. 'We want to sell the assets of the Pic chain to investors and then lease them back.
We have sent letters of intent to investment funds, banks and real estate developers,' said Ilie Penescu. He resorted to financial consultants from the BCR and from investment bank BAC Investment for this project. The chain has five hypermarkets which last year posted 100-120 million euros in sales. In 2007, the Pic stores in Craiova and Braila were appraised at 140 million RON (42 million euros) when they were brought as a contribution to the share capital of the group controlled by the Penescu brothers.
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