The latest such name is Bucharest-based Apolodor Com Impex, of businessman Radu Ouatu, which filed for insolvency on its own. The company, whose revenue stood at RON118 million last year, has been among the largest Romanian-owned builders in the past few years and despite having returned to profit after the 2013 losses, it decided to file for insolvency.
The first big name to go insolvent was Romstrade, of businessman Nelu Iordache, in late 2012. The company had been a major player among those winning road pavement contracts in 2007-2008 and peaked in 2009, when its revenue stood at more than RON1.1 billion.
Another large company that went insolvent during the crisis is Confort SA in Timisoara, of Georgica Cornu. Confort, known especially for its contracts in the west of the country, became the second largest construction company by revenue in 2010, as its revenue reached RON753 million that year.
Other Romanian-owned builders that have gone insolvent in the past few years are Concefa (Cercel family), Contrascom Benta (Remus Benta), Vectra Service (Marcel Butuza) and Vega 93 (Corneliu Istrate).
The decline in public and private investment during the crisis dealt a heavy blow to the construction sector, forcing many companies to file for insolvency.
Some construction companies, however, went insolvent not just because of the decline in construction work but also because of the corruption cases their owners are involved in. Such cases were Romstrade and Tehnologica Radio (Theodor Berna).
Construction sector reached a seven-year low last year, that is only EUR8.9 billion, according to the Romanian Association of Construction Companies (ARACO). Construction works increased by about 10% in the first half of 2015, according to the National Statistics Institute.
(English version by Loredana Fratila-Cristescu)