UCM Resita has total debts of approximately 860 million lei (over EUR190 million) to 185 distinct creditors, Euro Insol said, citing preliminary figures. The engine manufacturer filed for insolvency in December 2011.
Founded in 1771, UCM Resita is Romania’s oldest industrial facility and one of the oldest plants in Europe.
UCM Resita was privatized in 2003, when Swiss company INET and UCM employees association took over the majority stake, in a EUR13.1 million deal. INET currently owns a 99.63% stake in the company.
The company reported a loss of RON87.9 million in 2011, about 38% wider on the year. Sales declined 26.6% to RON123.1 million. (EUR1=RON4.4652)