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Romania’s Altur launches insolvency proceedings


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January 4 (SeeNews) – The board of directors of Romanian aluminium car parts manufacturer Altur [BSE:ALT] said it approved the opening of insolvency proceedings and plans to reorganise the company’s operations.

The company submitted to the Olt County court an application for the launch of insolvency proceedings, it said in a filing to the Bucharest Stock Exchange on Tuesday.

Altur also declared before the court its intention to restructure the company’s activities on the basis of a reorganisation plan, it added without elaborating.

During the first three quarters of 2022, the company booked a turnover of 103.8 million lei ($22.3 million/21 million euro) and swung to a net profit of 3.2 million lei, compared to a net loss of 3.4 million lei in the like period of the previous year. In 2021, the company registered a net loss of 7 million lei ($1.49 million/1.42 million euro) on a turnover of 93.5 million lei, according to the latest data published on the finance ministry’s website.

Altur’s shares traded 12.75% lower at 0.0445 lei as at 0900 CET on Wednesday on the Bucharest bourse.

(1 euro=4.9273 lei)

Source: See News


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