Condmag was appointed Rominsolv SPRL as provisory judicial administrator. Rominsolv is held by lawyer Gheorghe Pipe¬rea and manages chemical plant Oltchim Ramnicu Val¬cea (OLT.RO). The first term is set for November 24, 2015 at Brasov Courthouse.
Condmag and Dafora have a cumulated 0.03% share of the BET-NG index on the Bucharest Stock Exchange, which monitors the trend of the shares in the energy sector.
Condmag’s shares started to fall as June 3 due to the partnership with drilling company Dafora Medias (DAFR. RO), its largest stockholder, which equally entered insolvency. Dafora and Condmag are both owned by businessman Gheorghe Calburean. In turn, Dafora owns a 45.8% stake in Condmag.
Moreover, the organized crime department DIICOT put a distrait over Condmag assets worth RON48 million in a criminal file involving Alexandru Liviu Tatar, former general manager of the company.
Condmag, reported lower revenues in the first quarter, at RON7.6 million compared with RON52.8 million during the same period a year before. The company’s loss halved to RON3.4 million in the first quarter.
(English version by Manuela Panescu)