“Moscova” entertainment venue might become state property

The State intends to buy the entertainment venue “Moscova” from “Crescendo” Ltd., currently undergoing insolvency proceedings. On Wednesday, March 7, a Government decision has charged the Ministry of Culture and Tourism to purchase the building situated on Renasterii Blvd, 15, in Chisinau, and take measures to register the venue as state property. The Ministry of Finance has been tasked to establish the required funds within the amended 2007 State Budget to purchase the building. The notification annexed to the Government decision draft says that, according to the Insolvency Law, the alienation of assets part of liabilities can be operated only with the agreement from the General Assembly of Creditors or Creditors Committee. On March 5, the General Assembly of creditors of “Crescendo” Ltd. decided to empower the Creditors Committee to sell the building for a price not lower than MDL 32.4 mln. Initially, the General Assembly asked a price not lower than MDL 42 mln, but, according to the Government notification, “a work group” estimated the value of the assets at MDL 32 mln, the price which has been offered to the owner. The sum is to be paid in a 90-day term. “Moscova” Centre of Culture and Entertainment was offered for sale via an action on February 14, but hasn’t been purchased yet. The total surface of the venue is of 3,040 sq m, including the building – 1,886 sq m.