The Board of Directors of Romania’s 2 Mai Mangalia Shipyard (2MMS) has scheduled an extraordinary general shareholders meeting (EGSM) on November 28, aiming to terminate its association with Dutch partner Damen Holding in the ailing shipyard Damen Shipyards Mangalia, Ziarul Financiar reported. State-owned 2MM is the majority owner of Damen Shipyards Mangalia (51%), managed by Damen group (49%) under a contract negotiated by the Romanian government at the time the Dutch company took over the majority stake in the shipyard from Korean group Daewoo.
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Romania
Prosecutors of the Directorate for Investigating Organized Crime and Terrorism (DIICOT) have been investigating for around a year possible frauds and the activity of an organised criminal group related to real estate developer Nordis, G4media.ro announced, quoting sources familiar with the investigations, Romania-Insider.com reported. However, no individual was indicted despite more than ten complaints filed against those behind Nordis since the beginning of the year, according to PressHub.
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The latest Coface Romania study shows that in H1 2024, 3,684 new insolvency proceedings were opened, an increase of 8.32% compared to the same period of last year. There is also a deterioration in the payment behavior of companies, the number of payment incidents being 29% higher compared to the same period in 2023, Business-Review.eu reported. The data also indicate a 73% increase in the number of insolvencies among companies with business over EUR 5 million, compared to the same period of 2023.
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Romania's Ilfov Court has appointed a local consortium comprising insolvency management firms Infinexa Restructuring and Prime Insolv Practice as the judicial administrator of insolvent meat processor Angst Ro, Infinexa said on Thursday, SeeNews.com reported. Angst was declared insolvent in March at the request of its creditors, meat processor Abatorul Peris and food retailer Primo Mix Food.
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Swedish group Holmbergs Safety Systems, controlled by investment fund FSN Capital – a major investment firm in northern Europe, has filed a request for the insolvency of its subsidiary in Romania, which it set up in 2020 by taking over Te Rox Prod from local entrepreneur Doina Cepalis with plans to turn it into a major production hub from where the products will reach the markets of Europe, the US, and Asia, Romania-Insider.com reported.
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