Firm that built Romania’s gas pipeline network goes bankrupt

Local firm Condmag Brasov, which has built more than 90% of Romania’s main natural gas pipeline network, went bankrupt. The court’s decision can be appealed within one week.

The company is owned by the local investor Gheorghe Calburean. The firm went into insolvency in July 2015 with preliminary debts of RON 172.8 million (EUR 37 million) to almost 200 entities. Its debts to the state budget reached RON 8.7 million (EUR 1.8 million) at the end of September.

Condmag has been listed on the stock exchange since 1996, but the company’s shares were suspended from trading when the company entered insolvency.

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