“RAFO’s bankruptcy is a natural consequence of the fact that investor interest did not amount to a transaction and the company’s 18-month reorganization plan expired on August 22,” said officials of CITR, which was appointed judicial liquidator.
The liquidator intends to sell the refinery as a whole but will consider selling its assets in bundles if no investors show interest, said Vasile Pop, country sales manager of CITR.
In spring 2018, RAFO was put up for sale at a starting price of $60 million.
RAFO was privatized in 2001 and had several owners before its activity was shut down in 2008, in view of upgrade works that were supposed to take two years to complete. Production was never restarted.