Oil company Rompetrol SA registered on May 28, at Bucharest Court, a request for insolvency. The company’s request is to be evaluated by judges from Bucharest Court on June 8, reports Mediafax.
According to the courts, the request for insolvency was submitted on the basis of Article 66, Law 85/2014 on insolvency prevention procedures and insolvency.
The mentioned article shows that “the supervision of the judicial administrator, provided that the debtor’s administration right was not lifted, consists in the permanent analysis of his activity and in the prior notice of the measures which involve both the debtor’s patrimony and those aimed to lead to its restructuring / reorganization; the approval is carried out based on a report drawn up by the administrator, who also adds that the conditions regarding the reality and the opportunity of judicial operations which are subject to approval have been verified and that they are fulfilled.”
According to the Ministry of Finance website, Rompetrol SA had debts amounting to RON 159 million (EUR 36 million) in 2013. It also recorded a loss of RON 53.2 million (EUR 12 million), revenues amounting to RON 66.4 million (EUR 15 million).
Rompetrol SA is part of KMG International (former Rompetrol Group), owned by the national oil and gas company in Kazakhstan – KazMunayGas.