Casa de Insolvență Transilvania (CITR) has been confirmed as highway construction company Romstrade’s administrator following its entry into insolvency in December last year, when the Giurgiu Court has granted the application to open insolvency procedures on behalf of struggling Romstrade.
Although CITR has been working on Romstrade for last three months, determining what went wrong and finding the company’s strengths and weaknesses, said CITR founding partner Andrei Cionca, “the biggest challenge starts now.” More than 85 percent of Romstrade’s creditors voted in favor of appointing CITR as the administrator.
Romstrade hit the headlines last year when the company’s owner Nelu Iordache, nicknamed “The Asphalt King”, was indicted and convicted of various offenses related to the misappropriation of funds. Contracts worth millions of euros were canceled.
CITR is a Romanian insolvency management firm with a national reach. The company employs over 100 professionals and 35 insolvency practitioners, with 12 working teams, and has managed more than 650 companies.