A row of hulking concrete domes loom along the Danube-Black Sea Canal in Cernavoda, about two hours east of Bucharest. Two of the structures house nuclear reactors feeding Romania’s electrical grid. Two others were begun decades ago and are still waiting for completion — though, perhaps, not for long. “We have major plans,” said Valentin Nae, the site director. The nuclear complex was conceived during the regime of Nicolae Ceausescu, the Communist dictator who ran Romania for a quarter century before he was overthrown and executed in 1989. Mr.
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The Bucharest Chemical Equipment Assembly Trust (TMUCB), a company with a history of over 60 years and one of the largest companies in the construction field, announced that it managed to recover after an eight-year insolvency period, Romania-Insider.com reported. Since 1958, TMUCB has carried out complex turnkey technological projects for the chemical and petrochemical, metallurgical, cement, pulp and paper mills, thermal and nuclear power plants, sugar factories, car factories, tanks, transmission and distribution pipelines for petrochemicals, gas, water, steam, in Romania and abroad.
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Romania’s central bank raised interest rates more than expected, stepping up the pace of tightening as it struggles to tame the fastest inflation in almost two decades and catch up with regional peers, Bloomberg News reported. The central bank raised the benchmark rate by 75 basis points to 3.75% at its meeting on Tuesday, matching the estimates of only one of the 11 economists surveyed by Bloomberg. The median estimate was for a 50 basis-point increase to 3.5%.
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Romelectro, the company that designed a large part of Romania's energy system during the communist regime and carried out projects abroad, mostly in the Middle East, is asking for insolvency, Romania-Insider.com. This happens precisely when the country needs the most engineering companies able to develop major projects in the energy generation sector, Ziarul Financiar daily comments.
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The number of companies and freelancers (PFA) that went insolvent in the first nine months this year (January-September) increased by 6.9% compared to the same period in 2020 to 4,307, according to Romanian National Office of the Trade Register (ONRC) data quoted by Agerpres, Romania-Insider.com reported. Most companies and PFAs that went insolvent were in Bucharest, respectively 797, decreasing by 9.64% y/y.
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Based on similar cases in the past, Ziarul Financiar daily estimates that the damages left by bankrupt insurer City Insurance will reach RON 2.5bn (EUR 500 mln), Romania-Insider.com reported. Based on existing regulations, the mutual guarantee funds for the insurance industry (FGA) are supposed to cover the bankrupt insurer's liabilities, using its reserves set aside for such situations. The government on September 22 passed an emergency ordinance to allow FGA to disburse money faster, before the final bankruptcy of the insurer (as stipulated under existing regulations).
The Council of Romania’s Financial Supervisory Authority (ASF) on Sept. 17 withdrew the operating license of City Insurance, the country’s biggest insurer that owes its position to the massive portfolio of mandatory car insurances, bne Intellinews reported. The ASF will now initiate bankruptcy procedures against City. The Romanian insurer, set up and controlled until June by Romanian businessman Dan Odobescu, the brother-in-law of former prime minister Adrian Nastase, failed to observe the recovery strategies required by the ASF in June.
One of the major Romanian online retailers, CEL.ro, filed for insolvency after its turnover plunged somehow unexpectedly last year and its losses deepened, Romania-Insider.com reported. Corsar Online, the operator behind the online shop CEL, reported its revenues dwindled by 38% year-on-year to RON 127 mln (EUR 26 mln) last year - the year when the market was particularly favorable to the online electro-IT retailers like CEL.ro. The company’s losses quadrupled to RON 3.5 mln in 2020, though.
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The court in Buzău admitted at the beginning of this month the request for insolvency filed for Getica 95, the biggest independent electricity trader, a business of RON 1.5 bln (EUR 300 mln) owned by the businessman Viorel Tudose, Romania-Insider.com reported. The insolvency request was filed by creditors and not the company itself - as Tudose announced in June. Tudose said at that time that the company faces cash flow and not profitability problems and that all contracts with the end-users will be observed.
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The Dambovita county court has launched bankruptcy proceedings against Romanian special steel mill Cos Targoviste, formerly known as Mechel Targoviste, SeeNews reported. The court rejected the reorganisation plan submitted by Alpha Financial, one of the steel mill's creditors, a statement filed on Wednesday by Cos Targovishte with the Bucharest Stock Exchange, BVB, showed. Cos Targoviste said that it will appeal the court decision. As a result of the start of bankruptcy proceedings, the company's shares were suspended from trading on the main segment of the BVB on Thursday.