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October 21, 2021

ONT Carpati files for bankruptcy

The shareholders of ONT Carpati, a company that owns 35 per cent of the company that administers the five-star JW Marriott Hotel in Bucharest, have approved filing for bankruptcy. According to Mediafax, ONT Carpati owes EUR 5 M to majority shareholder Bank of Cyprus. The bank owns 93.82 per cent of ONT Carpati shares through Gosman Properties. The general shareholders also discussed the proposal to hike the registered capital by RON 8.2 M, the money being needed to “remedy the company’s situation by October 2013,” however the proposal was rejected. The losses were caused by “the depreciation that concerns the debt owed by SCHG (the company that owns the Marriott Hotel – editor’s note),” the depreciation totalling RON 59.5 M according to the company’s annual report. Last year ONT Carpati registered a turnover that grew by 12 per cent to RON 10.2 M and losses of RON 46.2 M.

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