National-Vin's debt to be transformed into public investment

The debt of US$3.67 million of the sate-run wine company Combinatul Vitivinicol National-Vin on the loan provided by the International Bank for Reconstruction and Development for the first agricultural project, which was used to modernize the company's experimental processing section, will be transformed into public investment, under a bill approved by the Government, Info-Prim Neo reports. Minister of Agriculture and Food Industry Valeriu Cosarciuc said that the two-year plan procedure has been implemented at the insolvent company since 2007. During this period, it was to reorganize itself and implement measures to improve its financial situation so as to be able to repay the loan. But the situation could not be remedied owing to the he halt in the export of wine products to Russia and other causes and the plan procedure was extended until December 31, 2011. As the company cannot pay the loan, its debt will be transformed into public investment.