EnglishGlass factory Ges - Boldesti Scaieni (RASDAQ:GESZ) posted 115 million RON (34.26 million EUR) losses for the first nine months of 2007, amid a dire scarcity of financial resources and the ongoing foreclosure proceedings started against it. For the first three quarters of the year, Ges posted a turnover of 7.56 million RON (2.25 million EUR), nearly 6x less than in the corresponding period of 2006, when the sum was 43.46 million RON. Losses reported for January - September 2006 amounted to 3.43 million RON.
The company has a share capital of 134.14 million RON (37.66 million EUR) divided into 53.65 million shares with a face value of 2.5 RON. The majority shareholder is the State Assets Recovery Authority (AVAS) with 99.44%. The consortium formed of Laminate SA, Aedificia Carpati SA, Supremo Corporation SRL and Unirea International SRL - the former majority shareholder in Ges, has started a litigation against AVAS regarding the termination of the Y2004 privatization contract. Ges is currently subject to foreclosure.
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