Roman SA Brasov files for insolvency

One of Brasov’s largest industrial facilities, Roman SA, is in major financial difficulties. At the request of the administrators, the company that produces trucks and buses has filed for insolvency over a debt worth RON 90 M, according to a letter sent by the company to Bucharest Stock Exchange.
The Court has set the deadline for submitting any debt claims by creditors on October 17, the preliminary, with debt table to be communicated by November 6 and the final debt table by November 28. The General Meeting of Creditors will first take place on November 11, at the headquarters of the appointed special administrator, Centu SPRL.
Privatised in 2004, Roman Brasov reduced its loss last year to RON 8.27 M (EUR 1.8 M) from RON 10.27 M (EUR 2.3 M) in 2012. The last year when the company operated on a profit was 2009, when it was positing revenue of approximately RON 120.000.
The company is in a very difficult period as orders have considerably decreased after the US Army, one of the company’s main clients, had closed many.

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