Insolvent RO cable producer Romcab faces another bankruptcy request

Romanian cable producer Romcab Targu Mures (MCAB), currently under judicial reorganization, announced in a note to investors that it faces another bankruptcy request from local firm Valtecia Development.

Romcab says it has no idea what the request is about but admits Valtecia had previously filed other bankruptcy requests - either rejected by Court or dropped by the firm itself.

"At this moment, we do not have official information about the related litigation, as the communication and summons procedure against the undersigned has not been carried out," Romcab's announcement, quoted by Ziarul Financiar, says.

Valtecia Development is a company registered in the same city as Romcab, Targu-Mures. Its object of activity is the purchase and sale of real estate properties.

Romcab's announcement sent the company's shares down 7.4% on Monday, April 12. Romcab's shares returned to trading at the beginning of March this year, after a local court approved the company's reorganization plan agreed with its creditors.

The company's management made several encouraging announcements in the last month, including a potential loan that could help the company recover faster.

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