EnglishA bankruptcy judge has ruled the commencement of an insolvency procedure against Lactis SA - Iasi (RASDAQ:LACS) upon request from the creditors Ralvana Import Export SRL - Sfantu Gheorghe and Galmopan SA - Galati. Ravalna holds a receivable of 78,463 RON, whereas Galmopan holds a receivable of 278,269 RON. Despite Lactis" argument that insolvency was unwarranted as the sums had become overdue because Lactis itself held overdue receivables from other companies, the insolvency procedure was ordered.
Lactis concluded last year with 2,751,258 RON in turnover, down by some 50% from the 5,519,059 RON posted in 2005. According to manager Catalin Tudose, the company also owes 19 million to the State, some 600,000 RON to local authorities, 200,000 RON to suppliers and 600,000 RON to utilities companies.
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