In June 2010, Romgaz ceased gas deliveries to GHCL Upsom, because of unpaid bills, forcing the latter to cease activity and lay off the bulk of staff in June 2010.
The insolvency claim was allowed on May 18 and liquidator Casa de Insolventa Transilvania was appointed as judicial administrator, but the change in status was only announced to securities regulator CNVM Thursday.
The CNVM informed the Bucharest bourse on this latest development.
Upon ceasing activity, GHCL Upsom had a cumulated debt of EUR14 million to Romgaz. The company said, at that time, Romgaz would accept the payment of debt in installments, as long as current bills start getting paid. Then, mid-2010, GHCL Upsom fired 760 of its 850 employees.
The chemical plant is 95.67% owned by Indian group GHCL. It has a share capital of 40.6 million lei (EUR9.83 million), divided into 162.6 million shares, with a face value of RON0.25. (EUR1=RON4.1298)