The company, controlled by businessman Nelu Iordache, went insolvency in December 2012, when it employed 930 people, and is currently waiting for contestations regarding receivables to be settled in court, representatives of liquidator Casa de Insolventa Transilvania (CITR) said Monday.
A decision is expected to be issued Monday, October 7.
According to CITR, a decision regarding Romstrade’s reorganization plan will be taken together with creditors after the court issues a ruling.
Romstrade has not filed its financial statements for 2012 with the Finance Ministry. In 2011, it registered turnover of 540 million lei (EUR121 million) and loss of about RON11 million. It employed 1,623 people.
Since December, Romstrade has not participated in any public auction because it lacked money to pay participation guarantees and because it terminated several contracts and the matter is in litigation.
Romstrade terminated several contracts including one to build the first section of the Nadlac-Arad highway.
National roads authority CNADNR general manager Narcis Neaga said in September CNADNR would terminate a contract with Romstrade, which has failed to complete the construction of the country’s highest paved road Transalpina (2,145 m).
Creditors claim receivables worth RON3.37 billion. Approved receivables amount to RON2.91 billion.
Romstrade’s largest creditors are BCR (RON303.5 million), insurer Astra Asigurari (RON235.8 million) and EximBank (RON166 million), according to CITR data.
CNADNR has claimed RON1.3 billion and some RON1.08 billion of the entire amount was approved.
Iordache was indicted in April on charges of fraud and is currently under arrest. Romstrade was set up in 1994. (EUR1=RON4.43)