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Romania
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The long-running battle between Damen and the Romanian government over the operations of the Mangalia shipyard on the Black Sea took a new step as a court in Constanta initiated an insolvency procedure. An administrator has been appointed to look for a recovery plan for the shipyard, the Maritime Executive reported. The Netherlands’ Damen took operational control of the shipyard in 2018 with high expectations for the operation which remained 51 percent owned by the government. The yard had been in operation since 1976 known for 20 years as the 2 Mai Mangalia Shipyard.
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The number of insolvent Romanian companies increased by 13.5% year-on-year to 1,120 in the first two months of 2024, the country's trade registry office, ONRC said, SeeNews.com reported. Despite falling by 8.8% on the year to 207 in January-February, the highest number of insolvent companies and legal entities was registered in Bucharest, ONRC said in a data release on Wednesday.
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Insolvent Romanian insurer Euroins, under the external management of CITR insolvency experts, has sued the Bulgarian reinsurance company EIG Re in order to recover some RON 800 million (EUR 160 million) transferred by the Romanian subsidiary a couple of weeks before losing its operating license, Romania-Insider.com reported. CITR sued EIG Re, a reinsurance firm in the Eurohold group, both in Romania and Bulgaria, Economica.net reported. The money was transferred to EIG Re under a contract with unusual clauses that block Euroins’ access to the funds in case it loses the operating license.
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The number of insolvent Romanian companies increased by an annual 16.7% to 509 in January, said ONRC, the country's trade registry, SeeNews.com reported. Despite falling by 20.8% on the year to 76, the highest number of insolvent companies and legal entities was registered in the capital Bucharest, data published on the ONRC website on Wednesday showed. The highest number of insolvent companies was registered in the wholesale, retail and motor vehicles servicing sector - 235, up by an annual 1.5%, followed by construction with 104, up by 15.6%, and manufacturing with 64, up by 16.4%.
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