“We plan to establish, in three to six months, the economic viability of Compania Municipala Consolidari and the way in which it can continue its activity. The strategy drafted by CITR team will consider both the public interest and creditors’ need to recover overdue amounts”, said Aurel Podariu, Business Development Manager of Impetum Group and Senior Partner at CITR.
Compania Municipala Consolidari was established three years ago for intervention works on buildings rated Class I seismic risk, which represent public danger, as well as on historic buildings.
Per an analysis by CITR, of the 22 municipally owned companies in capital Bucharest, 14 were non-performing and amassed a combined loss of RON200 million in 2020. To date, of a total 22 companies, the General Council of Bucharest decided to liquidate and dissolve five companies, while four others entered insolvency upon a request by creditors.
Currently, there are some 750 state-owned companies under various stages of insolvency, per data released within CONFIDEX debates organized by Impetum Group.