BUSINESS

CET Galati and Astra Ploiesti refinery enter insolvency procedures

Electrocentrale Galati (CET Galati) has entered insolvency procedures after the Galati Court of Law accepted the company’s request for insolvency and judicial restructuring, Mediafax informs. The court appointed the state-owned Maestro SPRL Constanta as the company’s provisional legal administrator and set the hearing date on October 20. According to information published previously by the local press, Electrocentrale Galati has to recover debts from Apaterm, the local heat distributor. By mid-last year, Electrocentrale Galati had accumulated EUR 97 million in debt to Romgaz. The company is one of the first five clients of Romgaz Medias (SNG) by volume of delivered gas, according to Romgaz’s announcement made Tuesday on the Bucharest Stock Exchange platform. Likewise, Astra Romana Ploiesti refinery has entered insolvency procedures upon request from the shareholders and the Prahova Court of Law has set October 10 as the hearing date. Kreyton Limited, a company registered in the British Virgin Islands that owns 48 percent of Astra shares, asked for the measure to be included on the agenda. Kalatse Investments Limited, registered in Cyprus, owns another 41.66 percent of shares. The remaining 10.33 percent of shares is owned by other shareholders. Astra Romana concluded the year 2013 with losses of RON 3.55 million, compared with 2012’s negative result of RON 4.85 million, and debts of RON 19.3 million.

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