Throughout the period of insolvency, Valtecia Development had filed three other bankruptcy requests, which were either rejected by courthouses or forgone by Valtecia.
“Romcab concentrates its efforts on solving the bankruptcy request in a way in which to not prejudice 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.
In Early March 2021, the company published information from the reorganization plan proposed and undertaken by the special administrator and approved by the Assembly of Creditors of December 18, 2020, confirmed by the syndic judge on February 18, 2021.
Per preliminary data, Romcab had a turnover of RON305 million (EUR62 million) in the first quarter of 2021, up 70% on the year.
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.
Romcab is one of the most active producers of low-tension power cables, boasting an experience of over 70 years and sales in Central, Eastern and Western Europe, on the markets in Germany, Austria, Italy, Hungary, the Czech Republic, Slovakia, Bulgaria, Romania.
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.