Throughout the period of insolvency, Valtecia Development had filed two other bankruptcy requests, which were either rejected by courthouses or forgone by Valtecia.
“Romcab concentrates its efforts with a view to solving the bankruptcy request in a way that it does not harm the company’s situation and perspectives,” according to company representatives.
Romcab Targu-Mures, which entered insolvency at its own request at the beginning of 2017, returned to trading on the Bucharest Stock Exchange on March 4, 2021, against the backdrop of confirming its reorganization plan.
For the full year 2020, Romcab reported a loss of RON70 million, down by 50% compared with 2019, and total revenues of RON892.3 million, double compared with 2019.
The company had a turnover of EUR62 million in the first quarter of 2021, up 70% on the year, saying it targets a turnover of EUR240 million for 2021. Its approved reorganization plan estimated a turnover of EUR190 million.
On March 24, 2021, Romcab contracted a EUR23 million loan but may not use the funds until it completes its reorganization plan, finalizes negotiations with creditors and constitutes guarantees. The company expects to meet the conditions and be able to use the financing in May-June.
The company is 69.02% owned by Targu Mures-based Sadalbari SRL, which is held by Motoplus Paneuro, in which Roxana Tarca, who represents Romcab in the relation with investors, owns 99.7% of the share capital.