Black November: Cristian Burci's companies and Astral Impex - biggest insolvencies in Romanian economy
The two biggest privately held Romanian companies in Arad county
- Astral Impex and Astra Vagoane have gone insolvent in November,
becoming the biggest insolvency cases in the country's economy thus
far.
Siblings Ioan and Floare Cuc (Astral Impex) and businessman
Cristian Burci (Astra Vagoane Arad) decided that having their own
companies file for insolvency was the only way to go in a bid to
overcome the current crisis.
Looking at its 2009 turnover, the default of Astral Impex is the
biggest insolvency in the local economy so far, yet the blow dealt
to the almost 5,000 employees of the three companies controlled by
Cristian Burci (Astra Vagoane Arad, Romvag Caracal and Meva Turnu
Severin) that went insolvent this month was much worse.
"Although the three companies had contracts signed with Germany's
Deutsche Bahn, Austria's OBB and with companies from Switzerland
and France until 2013, the decline in demand for freight
transportation and implicitly for freight cars caused them to ask
for deferments and rescheduling of the contracts signed," said Anca
Rusu, IRS spokesperson.
On the other hand, siblings Ioan and Floare Cuc, owners of Astral
Impex, a company whose business stood at 516 million RON (120
million euros) last year, filed for the insolvency of their company
one year and a half after having started the whirlwind of
insolvencies in the Romanian economy with the SPAR supermarkets - a
business from which creditors have about 30 million euros to
recover