The number of insolvencies opened in the first quarter dropped about 14 per cent to almost 6,000 cases, the most affected fields of activity being power, thermal energy, water and gas production and supply, the extraction industry and construction, reported to the number of active companies, according to a release from Coface Romania. Over the first three months of last year, 6,910 insolvency cases were open. There were 167 cases of insolvency for companies with a turnover higher than a million euros, 13 per cent less on a year-on-year basis. “Although lower compared to last year, the number of insolvent companies in the first quarter of this year that reported a turnover higher than EUR 1 million is still high. It is worth mentioning that there have been no cases of insolvency for companies with a turnover higher than EUR 100 million, as four such companies went insolvent last year over the same period,” reads the release. Half of the total insolvency cases open in the first quarter was in Bucharest, in the south and central regions, as the territorial distribution has not recorded major adjustments on a year-by-year basis.