Construction company Tehnologica Radion enters insolvency

Tehnologica Radion, one of the main construction companies in Romania, has entered insolvency at its own request, according to Mediafax newswire. Insolvency procedures were initiated last week and the first hearing in this case will take place on Septmeber 15.

The company, which specializes in road, bridge, tramway and hydrotechnical constructions, is owned by local businessman Theodor Berna who is presently arrested on tax  evasion and money laundering charges. Damages in this case are estimated at over EUR 100 million. Prosecutors have previously asked for the seizure of the company’s assets and accounts.

Tehnologica Radion reported a turnover of approximately EUR 80 million and a EUR 0.9 million net profit in 2013, according to data from the Ministry of Finances. The company’s debts stood at EUR 86.7 million at the end of last year and it reported receivables worth EUR 57 million. The construction company had around 2,000 employees last year.

Over the years Tehnologica Radion had won many public contracts worth hundreds of millions of euros, according to local media reports. In 2009 and 2010 the combined value of the public contracts it had wan was close to EUR 400 million, according to ZF.

Simona Bazavan

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