Imar Arad shareholders to decide the company's fate this month

Shareholders of Arad-based Imar furniture producer will decide at the end of this month whether to dissolve the company or not, after the company's General Meeting of Shareholders in December decided the "preventive" dissolution. "(...) It would have been much easier for us to file for insolvency, but this was irreversible," said Mauro Frola, general manager of the company. Imar has continued to operate after December, though at a much smaller scale than in previous years. "Imar is facing trouble, a situation we hope we'll overcome, though. The market plummeted last year. Operations will be downsized. We're trying to pay out our debts, but Imar will not die," Frola also said. He chose not to specify the level of the company's debts, but according to Finance Ministry data Imar in 2008 posted total debts of 9m RON (2,4m euros). According to Frola, the company's problems worsened last spring, when it practically received no orders. Around 85% of the company's production goes abroad, mainly to Eastern markets, where declines amounted to 50%.