According to a previous report of Romanian insolvency practitioner Casa de Insolventa Transilvania (CITR), the judicial liquidator of Bilbor Mineral Water, the assets of the mineral water producer were valued at EUR5.3 million, and, in case of forced sale, their value would fall to nearly EUR3.5 million.
United Romanian Brewers Bereprod (URBB), the producer of beer brand Tuborg, is the company’s majority shareholder.
In 2014, Bilbor Mineral Water had a turnover of RON7.3 million and a net loss of RON3 million. In 2015, the company posted zero turnover and loss of RON6.1 million, according to Finance Ministry data.
The company’s insolvency was caused by disagreements between URBB and the minority shareholder of Bilbor Mineral Water – Marsim International- controlled by a businessman in the Middle East.