The appeal was filed with the High Council of Magistrates, Romexpo said in a press release.
Remus Borza, coordinator of firm Euro Insol, Romexpo’s legal adviser, said earlier the Bucharest Court decided on May 23, 2012 to start insolvency proceedings against Romexpo.
Arsenoaiei & Matasel Consulting had filed a claim on November 16, 2011 demanding the opening of insolvency procedures against the expo center, for failing to pay a debt of RON181,603, owed for advertising services, he added.
According to Borza, Romexpo registered a profit of about RON26 million in 2008. If Romexpo’s activity is restructured and its organizational chart and costs are rethought, positive results will soon be seen, he said.
Romexpo is the leader on the local exhibition market with 76,793 square meters of expo spaces. Last year, Romexpo hosted 150 events, of which 40 fairs and exhibitions which welcomed more than 140,000 visitors.
Romexpo’s turnover decreased from RON44.4 million in 2010 to RON38 million in 2011. It registered a profit of RON230,000 in 2010 and switched to a loss of about RON2.5 million last year.
At the end of December 2011, Romexpo’s debts amounted to RON21.47 million. (EUR1=RON4.4646)