The Ilfov Court allowed Wednesday the start of insolvency procedures and the table of creditors should be completed in December this year.
“The main issues we’re focusing on in reorganizing the company are financial stability and keeping jobs,” CITR managing partner Rudolf Vizental said in a press release Thursday.
Alpine SA, a subsidiary of Austria’s second biggest constructor Alpine Bau, entered insolvency after the mother company declared bankruptcy.
Efforts to restructure Alpine Bau in June failed and the company filed for bankruptcy. The constructor had debts of over EUR2.56 billion and posted losses of EUR450 million in 2012.
Alpine SA, founded in 1998, is one of the best known road construction companies in Romania and currently has 160 employees.