“The purpose of the application for composition with creditors is to ensure an adequate and sustainable financial restructuring of UAMT S.A., taking into account the current economic situation in the automotive manufacturing sector. The main motivation of the management of UAMT S.A. is to maintain the long-term sustainability of the business,” the company said.
UAMT Oradea posted RON37 million revenue in 2023, half the previous year’s level. Net profit shrank to RON85,000 from RON301,000.
On April 17, the Court approved the petition of UAMT and ordered the start of the preventive composition procedure, the company said.
(English version by Loredana Fratila-Cristescu)