Romanian investor to sell local retail chain Mic.ro to US 7-Eleven source.

By bne IntelliNews January 20, 2012
Romanian investor Dinu Patriciu is in talks to sell its retail chain, Mic.ro, to US proximity store chain 7-Eleven, or to sign a partnership agreement with it, unofficial sources quoted by daily Ziarul Financiar said. Under the deal, the US investor, which operates the largest proximity store chain in the world, is expected to contribute EUR 60mn in cash to the Romanian partner, who has a significant amount of overdue debt towards suppliers, and unpaid rents. Corporate rating agency Coface was quoted as saying in the report that Patriciu developed Mic.ro chain entirely on trade credits extended by merchandise suppliers who were paid at least 240 days after the delivery. Patriciu also took loans from BCR, UniCredit Tiriac, BRD-SocGen and Raiffeisen Romania. The businessman, through Holland-registered Mercadia Holland, operated 830 Mic.ro stores in September, out of which 110 were mobile sale points, while 58 other outlets operated under the brand Macro and MiniMax.

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