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 thusfar.
Siblings Ioan and Floare Cuc (Astral Impex) and businessmanCristian Burci (Astra Vagoane Arad) decided that having their owncompanies file for insolvency was the only way to go in a bid toovercome the current crisis.
Looking at its 2009 turnover, the default of Astral Impex is thebiggest insolvency in the local economy so far, yet the blow dealtto the almost 5,000 employees of the three companies controlled byCristian Burci (Astra Vagoane Arad, Romvag Caracal and Meva TurnuSeverin) that went insolvent this month was much worse.
"Although the three companies had contracts signed with Germany'sDeutsche Bahn, Austria's OBB and with companies from Switzerlandand France until 2013, the decline in demand for freighttransportation and implicitly for freight cars caused them to askfor deferments and rescheduling of the contracts signed," said AncaRusu, IRS spokesperson.
On the other hand, siblings Ioan and Floare Cuc, owners of AstralImpex, a company whose business stood at 516 million RON (120million euros) last year, filed for the insolvency of their companyone year and a half after having started the whirlwind ofinsolvencies in the Romanian economy with the SPAR supermarkets - abusiness from which creditors have about 30 million euros torecover
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