The special administrator will be able to extend Bogdan Costas’ mandate only with the approval of the judicial administrator. Bogdan Costas has held the role of CEO from August 2023 onwards. Costas suceeded Misa Popic who took over as CEO of Romaero in January 2022 after Alexandru-Costin Macoveiciuc had stepped down as Board member shortly after his appointment.
On Monday (Feb 26), Romaero shareholders designated Ionel-Daniel Butunoi, the company’s former Board Chairman, to lead the debtor’s activity and represent their interests throughout the insolvency procedure. Daniel Butunoi is the former Chairman of the Board of Directors of Romaero, elected in September 2023. Butunoi has been expert in the cabinet of the President of Romania’s energy regulator ANRE, since 2022 and, over the past years, has held positions of member and president in several Senate committees.
In the last years, Romaero’s turnover has entered a downward trend, dropping from RON89 million in 2019 to RON79 million in 2020, RON52 million in 2021 and RON69 million in 2022. In each of the last four years, the company reported losses of over RON50 million. Romaero shares were suspended from trading by the Bucharest Stock Exchange.