Tofan Seeks Investment for Danubiana
High profile Romanian businessman Gelu Tofan, head of the Tofan Group, is reportedly seeking international capital for his Danubiana tyre business, one of the country’s largest tyre manufacturers. Tofan’s hope for the Group, in administration since December 2006 as a result of debts amounting to around 17 million euros, is that once the administration process is completed a North American investment fund will come on board as a shareholder. The Tofan Group is apparently working with consultants PriceWaterhouseCoopers to negotiate a deal.
“We are still under administration, a process which should have ended in December last year. I hope I will be able to finish restructuring the business in the first quarter of this year, and that we can start investments, private funds meant to help develop Danubiana,” said Tofan.