The insolvency case of Fortus Iaşi to be tried in Târgu Mureş

Doru Mocanu,Iaşi

According to sources close to this case, the judges of the High Court of Cassation and Justice have decided to change the venue of the insolvency case of case Fortus SA to Târgu Mureş. The request was made by the former majority shareholder of Fortus SA, SC Metalexportimport SA Bucureşti. As such, due to the fact that the judicial holiday is getting closer, the proceedings for the insolvency of Fortus SA Iaşi are expected to take a long time, with any developments in this case to only occur in autumn.

Even given this change of venue in Târgu Mureş, the situation is still murky, because a similar case is also on the docket of the High Court of Cassation and Justice, for which a new hearing was set for October 14th. However, said case may be withdrawn, as the plaintiff in that case was Oleg Margina, the former bankruptcy administrator of Fortus SA, appointed by Metalexportimport. As the request of Metalexportimport to change the venue was accepted, the similar request submitted by Oleg Margina has become void.

Despite its strategic importance, the company is currently subject to insolvency proceedings following the request of its creditors. According to the reorganization plan proposed by the insolvency administrator and the management of "Fortus", several plots of land, unused production facilities, as well as obsolete equipment will be auctioned off to pay the company"s outstanding debt to its 108 creditors. Fortus" current outstanding debt amounts to approximately EUR 75 million.

Following the cancellation of the privatization contract, the majority stake of 60,03% reverted to the Authority for State Assets Recovery (AVAS). Metalexportimport (the former majority shareholder) owns 26.23%, whereas SIF Moldova holds 13.56%, and other shareholders own 0.17%.