Ukraine: Rossa to sell glassworks

The Rossa perfume factory (Lviv) has decided to sell its Glass Products Factory to cover its debts, according to a representative of Elektron Bank (Lviv), which is the creditor of the glass plant.
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The Rossa perfume factory (Lviv) has decided to sell its Glass Products Factory to cover its debts, according to a representative of Elektron Bank (Lviv), which is the creditor of the glass plant. The representative reportedly said that the starting price for the factory is UAH 14 million. “The bank provided the factory will loans initially for construction and before purchase of equipment and in general invested about UAH 14 million in it, but the factory was unable to repay it,” the bank representative was reported as saying. According to him, the market value of the factory is about UAH 25 million. The Glass Products Factory was built in 2003 on a 2.1 hectare site that was previously occupied by a bakery. The factory has two smelting furnaces for clear glass with a combined capacity of 35 tons per day, although only one of the furnaces is in operation. It is equipped with glass molding machines. The representative said that USD 1 million is required to equip the second furnace. He added that the factory would most likely not be auctioned but sold through a direct agreement. Registered as a limited liability society, Rossa produces cosmetics.