For the first time, a court confirmed a restructuring agreement under Law 85/2014, marking a significant milestone for the local market.
According to CITR data, from January to August, 4,561 insolvencies were registered, compared to 4,657 in the same period in 2024. The number of high-impact companies in insolvency—those with assets over one million euros—fell from 95 to 78. At the same time, preventive concordat requests increased from 145 to 189.
Sectors Under Pressure
CITR analysis shows that economic vulnerabilities are shifting. Transport and storage registered 571 insolvencies, up 20% from last year, influenced by rising fuel costs and margin pressures. Administrative and support services reached 201 cases, up 17.5%, a sector exposed due to reliance on large contracts and thin margins. The extractive industry rose by 60% due to commodity volatility, while healthcare and social assistance grew by 33%, confirming that even sectors perceived as stable face pressures.
Meanwhile, traditionally vulnerable sectors remain affected but show a decreasing trend. Trade reported 1,131 insolvencies, down more than 8%; construction recorded 947 cases, down 2.87%; and manufacturing stagnated at 556 cases. In HoReCa, insolvencies decreased by 9.24%, to 324.
Regional Distribution
Most insolvencies continue to concentrate in major economic centers. Bucharest-Ilfov reported 1,067 cases, followed by Bihor (412), Cluj (310), and Timiș (239), these four counties representing nearly half of the national total. Significant increases were observed in counties such as Mehedinți (+88.9%), Sălaj (+87.1%), and Ialomița (+48.3%), showing pressures spreading to regions with fragile economic bases.
Romania’s First Court-Confirmed Restructuring Agreement
A decisive step in promoting a culture of prevention occurred in the first half of the year when CITR obtained court confirmation of Romania’s first restructuring agreement. The plan, legally and economically validated, concerns a high-impact Romanian company with assets over €50 million and saves dozens of jobs. The restructuring of a €15 million debt will take place over six years, providing the company with the foundation to continue operations.
“This agreement proves that Romania has entered a new phase in financial adjustment. It’s no longer just about reacting to difficulties, but about large companies anticipating needs and building clear, legally validated solutions in advance. Restructuring can be a strategic vision, not just a corrective measure,” said Paul-Dieter Cîrlanaru, CEO of CITR.
Preventive Concordats on the Rise
More companies are seeking preventive solutions. In the first eight months of 2025, 189 companies filed preventive concordat requests, 30% more than last year. However, the effectiveness of the mechanism is limited by late access, with less than half of requests approved.
“Even if total figures suggest a slowdown, pressure does not disappear; it redistributes to other sectors. Preventive concordats work if companies act in time, but many entrepreneurs delay decisions. Restructuring is not a failure but an opportunity to recalibrate, and timing is decisive,” pointed out Paul-Dieter Cîrlănaru.
International Context and Year-End Outlook
Globally, insolvencies are on the rise. Germany, France, and the UK report volumes above pre-pandemic levels due to energy costs and tighter financing conditions. Romania follows this trend, even if nine-month figures suggest apparent stabilization. For the remaining months of 2025, CITR estimates a risk of renewed insolvency acceleration if high financing costs, low external demand, and margin pressures persist.
“CITR recommends that companies act early by protecting cash flow, optimizing costs, digitalizing processes, renegotiating terms with creditors, and accessing available restructuring mechanisms promptly. For investors, the current period offers opportunities in the distressed market, with companies that have viable business models but balance sheets affected by recent investments or macroeconomic conditions,” concluded Paul-Dieter Cîrlanaru, CEO of CITR.