* A decision of the Court of Braşov puts the state aid option for the refinery back on the table
* "Rafo" returns to business after almost five and a half years since entering judicial reorganization
The court of Braşov has denied the request for the bankruptcy of "Rafo" Oneşti, as announced yesterday by Bogdan Paraschiv, the head of the team of lawyers of law firm "Boştină şi Asociaţii", which represented the company of Oneşti in court.
The court of Braşov ruled the closing of the reorganization procedure, which will allow the company to return to business.
The trustee in bankruptcy of "Rafo", Florin Dragomir, said for BURSA that the Court ruling is definitive and binding, but not irrevocable, as it can be appealed. After the official announcement of the ruling gets, the trustee in bankruptcy will be officially discharged of its duties, and the company will get back its full rights to do business.
The decision of the Court of Braşov also has a significant effect on the company, because it brings back the issue of the state aid which was approved and was scheduled to allow the company to take a loan which it would use for retooling. The state would guarantee up to 80% of the loan. The management of "Rafo" has begun negotiations concerning the loan with four banks, but they were not completed because of the reorganization. "Rafo" needs 330 million Euros to allow it to switch from producing gas to petrochemical products.
A press release by Law firm "Boştină și Asociaţii" states that after 11 days of deliberation, on June 21st, the Court of Braşov issued the ruling dismissing the objections, memorandums and contestations filed against the report of the trustee in bankruptcy concerning the termination of the reorganization procedure and the , ruling they were inadmissible, and has dismissed as unfounded the oppositions, objections, m
