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Bucharest
January 16, 2021
BUSINESS

Bucharest Tribunal rejects Rompetrol’s request of insolvency

The Bucharest Tribunal rejected on Monday the request of insolvency introduced by the Rompetrol Company on May 28; the company can appeal within seven days from the communication date, according to the courts’ Web portal.

The Rompetrol Company, the coordinator of Rompetrol Group’s drilling, wells, exploration and production operations, has requested its own insolvency under Article 66 of Insolvency Law 85/2014.

According to the majority stockholder KazMunayGas International (KMG), Rompetrol asked for this procedure in order to carry on its commercial operations in Romania and abroad, after the Court of Appeal ruled late in 2014 that it should pay 58.5 million dollars plus interests in litigations on 1999-2007 acts – that is, long before KMG bought the company.

KMG mentioned in a release that following this sentence, the tax authorities sequestered the company’s assets; the execution resulted in a major unbalance, as the claimed debts amount to three times the principal.

 

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