With great regret we are announcing the sequestration of the properties of A&B Group, as the owners of this company owe the bank more than 11 millions Euros. Not only has the A&B Group not paid their obligations since more than one year now, they have also not accepted any form of collaboration with the bank and have instead simply made empty promises to pay.
Having in mind the best interests of the A&B Group and its employees and focused on finding the best solution for the loan to start being paid, Raiffeisen Bank offered the A&B Group's owners several options that we would like to mention:
We provided several restructurings during the course of last year to reflect the companyâ€™s difficulties
Several times last year, we offered the company's owners the possibility of having a financial analysis made by an external international evaluator at our own costs
Several weeks ago, we offered co-administration of the company together with an international expert appointed by the bank, a grace period for paying the loans and waving of all the penalties -- this offer was rejected as well.
We have done all the above with the aim of saving the company, securing the jobs of its employees, collecting the money A&B Group owes to the bank, and leaving the company in a healthy state for its the owners. However, every effort of ours has been rejected by the owners.
At this moment we are forced to proceed with the legal steps. We have received the executive orders/court decisions from Tirana Court since October 2010 and based in the legal framework we have started the bailiff procedures in December 2010. During 6 months we have been in court because A&B Group claimed against bailiff procedures. A few days ago we received the final decision of the Court of Appeal allowing us to continue with bailiff procedures. All the bankâ€™s actions are legally correct as the legal framework for loan execution in Albania foresees.
Raiffeisen Bank in Albania has decided to pay the salaries for May of the employees who are still in the payroll of A&B Group at this moment. We would like to stress that the current situation at A&B Group has been brought about by the company's management decisions, including the rejections of the offers the bank had made to A&B Group's owners.