Construction material maker Cars Târnăveni, whose main shareholder is businessman Gheorghe Călburean, filed for insolvency in a case submitted last week with the Court of Mureş, after posting losses of several million lei over the last few years. As a result, the company has become unable to honor its payments to the utility providers, employees, its taxes and the loans taken from banks.
In the petition for insolvency it is being mentioned that "suppliers have initiated conciliation procedures, filed lawsuits, requests for foreclosure and the state budget has frozen its accounts meaning that the company is currently in a precarious state". At the end of 2011, the company owed over 31.31 million lei and had a loss of 8.7 million lei.
Last year, the company announced that it wanted to invest 66.7 million lei (15.6 million Euros) in order to increase the energy efficiency of the production lines in the ceramic block sections, after conducting a feasibility study in this regard.
Călburean owns 45.06% of Cars, another individual, Dorel-Cornel Vultur, owns 13.13% and the Authority for the Recovery of State Assets controls 4.91% of the shares.
OVIDIU VRÂNCEANU (Translated by Cosmin Ghidoveanu) Construction material maker Cars Târnăveni, whose main shareholder is businessman Gheorghe Călburean, filed for insolvency in a case submitted last week with the Court of Mureş, after posting losses of several million lei over the last few years. As a result, the company has become unable to honor its payments to the utility providers, employees, its taxes and the loans taken from banks.
In the petition for insolvency it is being mentioned that "suppliers have initiated conciliation procedures, filed lawsuits, requests for foreclosure and the state budget has frozen its accounts meaning that the company is currently in a precarious state". At the end of
