January 19 (SeeNews) - Romanian aerospace company Romaero [BSE:RORX] said it has officially entered insolvency following the approval of its insolvency proceedings filing by the Bucharest Tribunal on January 17.
Local insolvency specialist Expert Insolventa SPRL was appointed as judicial administrator, Romaero said in a report filed with the Bucharest Stock Exchange on Thursday.
The list of creditors includes Romanian lenders CEC Bank and Banca Comerciala Romana (BCR), insolvency and restructuring specialist CIT Restructuring, and water management, treatment and supply company Apa Nova Bucharest, according to a document published on the Bucharest Tribunal’s website.
In December, the aerospace company filed for insolvency proceedings with the Bucharest Tribunal, initially scheduled for a ruling on January 26. However, at Romaero's request, the court expedited the process.
In October, Romania's Civil Aeronautic Authority (AACR) suspended Romaero’s activity due to a shortage of quality control staff, it said at the time. Five months earlier, the AACR revoked the company’s production authorisation which allowed it to supply aerospace parts to Singaporean technology, defence and engineering specialist ST Engineering, Romaero confirmed in a bourse filing at the time. On January 12, 2023, the AACR said it suspended the company’s maintenance authorisation, preventing it from conducting maintenance work for civil airline operators. After submitting proof attesting to corrective measures, the suspension was lifted on January 17, 2023.
Romaero’s main shareholders are the state with a 56.71% stake, investment fund SIF Muntenia with 23.24%, and property investment fund Fondul Proprietatea with 18.87%, according to information posted on the Bucharest stock exchange.
Romaero shares were suspended from trading on the Bucharest Stock Exchange on January 17.