The company’s net assets dropped below RON50.9 million, which is less than half the value of the subscribed capital of RON100.2 million, Dafora said in a statement Tuesday.
Dafora’s core business consists of oil drilling and its non-essential assets include land plots, buildings, machines, apartments and barracks.
Dafora ended 2013 with loss of RON103 million (EUR23.3 million), 4.5-times higher than the level reported in 2012.
End-2013, the company announced that it restructured all its loan and leasing contracts after reaching an agreement with its creditors, which allowed it to reduce its monthly payments for one year. Under the agreement, Dafora also undertook to take some financial restructuring measures.
Businessman Gheorghe Calburean is Dafora’s largest shareholder, with a 49.96% stake. Foraj Sonde Craiova holds 13.92% of the company’s shares, while the remaining stake of 36.11% is distributed among various shareholders.