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Romcab out of insolvency

Romcab out of insolvency
27.04.2010, 20:14 87

Romcab Targu-Mures, a producer of electrical cables andconductors, controlled by businessman Zoltan Prosszer, announced itwas out of administration in the wake of a recent ruling of MuresCommercial Court. Only a small percentage of companies undergoinginsolvency proceedings succeed in saving themselves frombankruptcy. Romcab's exit from reorganisation comes a year after along row of insolvencies in the economy, particularly amidcompanies controlled by Romanian entrepreneurs. Romcab wentinsolvent in 2004, after guaranteeing a loan of its former majorityshareholder, Paneuro group, a period during which it managed to cutits debts from 45m RON to 13.1m RON (3.1m euros) by late 2009. Inthe past six years, Romcab has not benefited from any kind offinancing and has struggled in its relationship with clients andsuppliers, say the company's representatives. Nevertheless, thecompany has managed to end the past five years in the black. As anadvantage, the company did not have to pay late charges forcontracted loans during this period.

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