Following the court decision, Concefa shares were suspended from trading Thursday.
The company’s board decided mid-February to file for insolvency, with the intent of reorganizing activity. In addition, the company requested Casa de Insolventa Transilvania as court-appointed administrator.
Early March, Concefa announced that one of its shareholders, who is also representing one of the main creditors, tried to cancel the insolvency request.
Concefa revenue dropped 28% on the year in 2011, to 92.5 million lei (EUR21.2 million). Expenditure widened by 3.8% last year, to RON128.3 million.
As such, the company posted a loss of RON35.7 million, compared to RON3.5 million in net profit in 2010.
At the end of 2011, the company had debts of RON160.1 million, compared to RON142.4 million in the previous year. Receivables went to RON62.3 million, from RON42.6 million.
Company shareholders include Vasile and Maria Cercel with a 31.16% stake, as well as Adina Maria Blajiu with 31.5%.
Concefa shares closed up 14.06% Wednesday, to RON0.0102. (EUR1=RON4.3608)