The implementation of the reorganization plan takes one year from its confirmation, namely, until June 2015, the company said in a statement.
To split the company, the assets will be divided into assets necessary for the current activity in order to successfully complete ongoing contracts and contract new works, and assets that are not necessary for the deployment of its activity and will be registered on the newly founded firm.
Following the split, the spin-off company will be listed on the Bucharest Stock Exchange and it may attract additional revenues by luring new investors.
Concefa entered insolvency due to debts of over RON160 million.
Concefa has been a privately held company since 1998. Its operations focus mainly on two major segments: the construction of large residential and non-residential buildings and the execution of infrastructure works (railways, roads, bridges, viaducts, consolidations and so on).