-2 C
January 16, 2021

Vulcan company, in insolvency

The Bucharest Tribunal approved the insolvency of the Vulcan Bucuresti company, controlled by businessman Ovidiu Tender, at its request, over debts of EUR 37 M, according to Remus Borza, chief of Euro Insol, the judicial administrator of the company, Mediafax reports. The insolvency demand addressed to the court mentions that the losses are mainly caused by the lack of cash for purchasing raw materials in view of honouring orders. Another important element that led to losses was the historic debts of the company, which had to be repaid with priority in the detriment of using the financial resources of the company for increasing the production capacity. Hundreds of employees gathered at the company premises, blocked the access of the manager in the building and pushed him when he tried to reach his office, according to b1.ro. Employees say that they did not take their salaries for the last 2 months and a half and warn they will continue to protest if the situation is not solved. Vulcan has under way a 5-year contract worth EUR 105 M with Kuwait Oil Company, for supplying 210 oil pumping units. Vulcan also attended a new auction organised by Kuwait Oil Company for the delivery of more than 1,300 pumping units.

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