A 90.81% stake will be on sale in a two-stage procedure involving a solicitation of non-binding bids later this month and subsequent shortlisting of potential bidders, who will be allowed to complete due diligence. NLB will manage the procedure.

Banks seized the indebted company after a months-long struggle for control that ended with the ousting in late February of the Trimo management that acquired the company in a leveraged buyout and ended up saddling it with debt.

The change of management came less than a month after Trimo secured a loan restructuring agreement with creditors under which the group agreed to pay down their EUR 45m debt principal to ten banks through 2017.