Romanian steel maker Mechel Targoviste files for insolvency.

By bne IntelliNews February 21, 2013
Romanian steel plant Mechel Targoviste said it has filed for insolvency immediately after Russian steel and mining group Mechel sold its 86.6% stake to a small Romanian limited liability company. The move is aimed at protecting company's interest and at helping resume its operations on sustainable grounds, Mechel Targoviste said in a bourse filing. The company also informs that the new majority owner - Invest Nikarom SRL, controls indirectly 86.6% of its shares through Cyprus-based Mazur Investments Limited. Mechel Targoviste reported EUR 174.4mn revenue in Jan-Sep last year and a EUR 17.6mn loss for the period. The company debt is some EUR 140mn, while its receivables only EUR 34mn. Its labourforce plunged from 10,000 in 1990 to 2,000 currently. The special alloyed steel producer located in Targoviste was sold by the Romanian state to Conares Trading in 2002 and became part of the Mechel group later on. Mechel Targoviste suspended operations in December last year.
Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Romania to spend EUR 37mn in 2013 to close down loss-making coal mines.

Romania's government has earmarked RON 163mn (EUR 37mn) worth of subsidies for 2013 under a programme aimed at closing down the loss-making mines of local company CNH located in the southwestern ... more

Romanias Hidroelectrica sells nearly 0.3TWh of electricity on free market.

Romanian state-controlled hydropower company Hidroelectrica sold on Thursday, March 21, in several separate contracts a total of 0.3TWh of baseload electricity deliverable between April 1 and the ... more

Romania to start privatisation of cargo railway company on April 6-8.

The Romanian government will publish the privatisation call for freight railway company CFR Marfa immediately after the consultants complete their work, probably on April 6-8, Romanian transport ... more

Follow Us On

Most Read

  1. Iran vs Israel: Who is better equipped for war?
    5 days ago
  2. Saudi Arabia to scale back plans for Neom city
    9 days ago
  3. BREAKING: Iraq, Syria and Jordan close airspace amid Iranian strike on Israel
    5 days ago
  4. PANNIER: Caspian military drills that exclude Russia and Iran have some people in Moscow asking questions
    6 days ago
  5. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    5 months ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    19 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    23 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. UBN: Russia could take the Baltic states in 48 hours
    28 days ago
  5. BRICS announce a blockchain-based payment system to create a common currency
    22 days ago

Reports

Dismiss