UMB Holding SRL, controlled by Romania’s Umbrărescu family, has submitted an offer to acquire assets belonging to the Autonomous Administration for Nuclear Activities (RAAN), which has been undergoing bankruptcy proceedings for more than a decade.
The information was confirmed to Profit.ro by Romania’s Environmental Fund Administration (AFM), RAAN’s largest creditor.
“UMB Holding SRL has submitted an offer to purchase the assets of the Autonomous Administration for Nuclear Activities RA,” AFM told Profit.ro.
According to the publication, both UMB Holding and General Turbo SA, one of Romania’s major manufacturers of energy equipment, have expressed interest in RAAN assets. AFM said discussions with the two companies have taken place and that proposals are expected to be submitted in accordance with the applicable legal provisions.
UMB expands into heavy industry
UMB Holding’s interest in RAAN assets comes as the group controlled by the Umbrărescu family has expanded its presence in Romania’s heavy industry.
Over the past two years, the group has taken over the steel plants in Oțelu Roșu and Hunedoara, as part of an industrial expansion strategy.
The RAAN assets could represent another step in that direction, as the administration owns industrial infrastructure and equipment with a significant history in Romania’s energy sector.
A separate interest in RAAN assets has been expressed by General Turbo SA, a company spun off in 1992 from the former IMGB industrial group and specialised in manufacturing energy equipment.
According to Profit.ro, AFM President Florin Bănică met on September 3 with Mirela Strănutu, administrator of General Turbo, and Nicolae-Bogdan Buzăianu, the company’s executive director and founder and former owner of Energy Holding.
RAAN has more than 1 billion lei in debt
AFM is RAAN’s main creditor and is owed more than 367 million lei, accounting for more than 31% of the company’s total claims, estimated at approximately 1.17 billion lei.
The AFM said, however, that the discussions concerning the sale of RAAN assets did not involve the assignment of this claim.
RAAN has been in bankruptcy for more than a decade, with the liquidation of its assets carried out in several stages.
One of the main assets involved is Romag Termo Halânga, a lignite- and fuel-oil-fired power plant located near Drobeta-Turnu Severin in southwestern Romania.
In July, RAAN creditors decided to put the power plant’s assets back up for sale through an auction with an ascending price. The minimum price was set at €30 million plus VAT.
The sale of Romag Termo Halânga has proved difficult. Between November 2024 and June 2026, 12 consecutive auctions were held without a successful sale. During that period, the starting price was reduced from approximately €82.04 million plus VAT to around €40.47 million plus VAT.
The offer submitted by UMB Holding could therefore mark a new stage in the process of selling RAAN’s assets. Any transaction, however, will have to follow the procedures required by law and receive the necessary approvals within the ongoing bankruptcy proceedings.
