English
The Court of Olt has admitted the request for "Romvag" Caracal to be declared insolvent (symbol: ROMJ on the Rasdaq market) and has appointed "RVA Insolvency Specialists SPRL" as receiver of the company.
Creditors can file their claims until December 17th, 2010.
Last year, "Romvag" reported a net loss of 14.44 million lei, after posting a profit of 9.08 million lei. In 2007, the company had a profit of around 15 million lei.
The administrators of "Romvag" Caracal last week announced that they had filed a request to declare the company insolvent. The representatives of the company stressed that the company has decided to file for bankruptcy in order to allow the company to continue its operations, and allow it to overcome its current troubles.
"Romvag" Caracal has a market capitalization of 14.97 million lei, based on the price of 2,89 lei/share, recorded on Friday"s session.
70.51% of the company is controlled by "International Railway Systems" (IRS), a company owned by businessman Cristian Burci.
Another important shareholder of "Romvag" is SIF "Oltenia" which holds 27.92%.
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