Company representatives said insolvency was requested because beneficiaries of contracted works have not paid and the contractor faces a liquidity crisis.
Euroconstruct Trading ’98 is one of the main contractors on the local market and is the builder of the Sebes-Turda highway, for which it was paid EUR70 million last year. Two sections of this highway should be completed in the first quarter of this year.
It is also one of the main contractors on the Moara Vlasiei-Ploiesti highway section, in consortium with PA & CO International, Spedition UMB, and Tehnostrade.
In 2016, Euroconstruct Trading ’98 had a turnover of RON257 million, 20% lower than in 2015, according to data on its website. It posted a profit of around RON16 million, according to finance ministry data.
Euro Construct Trading ’98 is owned by Dan Besciu and Sorin Vulpescu. Last year, the company bid on a contract for Bucharest’s northern and southern ring-road in association with Greek contractor Aktor.
Euroconstruct Trading ’98 won a bid to upgrade tram lines in Cluj-Napoca for around EUR25 million, alongside Swietelsky Baugesellschaft mbH, Astalrom, and Transferoviar Grup.