Impact said in a statement Thursday it will appeal de ruling, which it deemed groundless and unfair.
According to the statement, Impact cancelled its contracts with Romconstruct as the latter failed to observe contract terms. Romconstruc’s repeated delays harmed Impact’s image and caused material damages, reads the statement.
In 2010, Romconstruct Ploiesti filed for Impact’s insolvency, claiming the developer cannot pay a debt of RON1.3 million. The Bucharest Court allowed the insolvency claim lodged by a creditor.
Impact challenged the decision with the Bucharest Court of Appeals, which rejected Romconstruct’s claim. The decision was definitive and binding.
Impact’s revised revenue and expenses budget for 2012 states provisions of RON15.8 million, of which RON7.3 million for litigations, and record losses of RON35.6 million.
Company shareholders include founder Dan Ioan Popp with 16.5%, executive manager Carmen Sandulescu, with 9.69%, and investment administrator East Capital, which indirectly owns 10.1% of the shares.
On the Bucharest stock market Thursday, Impact traded down 4.51% to RON0.1333 a share. (EUR1=RON4.5318)