Tax agency requests bankruptcy of largest RO cable producer in court

Romanian cable producer Romcab (BVB: MCAB, in judicial reorganisation), at one time the main supplier of conductors and cables for the Romanian industry and an important exporter to Europe, announcedthat the tax agency ANAF asked for its bankruptcy in court.

The company reported total operating revenues of RON 1.12 bln in H1, up 30% YoY, and a loss of RON 86.2 mln - compared to a profit of RON 13.3 mln in the same period of the year last, according to data analyzed by Profit.ro.

The company’s total debt stood at RON 1.47 bln at the end of June this year, roughly constant since the end of 2021.

The short-term debt, however, rose by 75% YTD to RON 0.45 bln.

Its own capital stood at a negative RON 0.66 bln as a result of RON 0.86 bln losses capitalised.

Romcab has been insolvent since 2017 and is legally represented by the special administrator Zoltan Prosszer and under the supervision of the judicial administrator RTZ & Partners SPRL. Prosszer is also the majority shareholder of cable producer Romcab, with 70%, through Sadalbari.

(Photo courtesy of the company)