Romania’s Carom files for insolvency on financial problems

23 July 2013 14:29  [Source: ICIS news]

BUCHAREST (ICIS)--Romania’s sole synthetic rubber manufacturer, Carom Onesti, is to file for insolvency as a result of its current financial problems, the company said on Tuesday.

“A request in this regard has already been filed to a local court in Bucharest, which has to approve it soon,” said a company spokesperson.

In 2008, Austria-registered company Energy Bio Chemicals acquired a majority stake in Carom in a transaction valued at around Romanian New Lei 77m ($22.9m, €17.4m). Two years later, after some refurbishment works at its units, Carom restarted synthetic rubber production but in the end failed to become efficient.

Last year, Carom reported net losses of New Lei 36.4m and debts of around New Lei 218m. Most of the debts are owed to energy suppliers and the state.

Carom, located in Onesti, eastern Romania, produces synthetic rubber, synthetic latex, phenol, acetone, liquefied petroleum gas (LPG), gasoline, acrylonitrile-butadiene-styrene (ABS) and oxygen.

($1 = €0.76, $1 = Romanian New Lei 3.35, €1 = Romanian New Lei 4.42)

By: Marian Chiriac
+44 20 8652 3214

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