A Romanian court has approved the insolvency request for construction company Alpine and appointed Casa de Insolvență Transilvania as judiciary administrator.

The Romanian subsidiary of Austrian Alpine Bau Gmbh became insolvent after its parent company declared bankruptcy.

It has also been affected by a drop in the construction sector on the Romanian market.

In June 2013, Alpine Bau Gmbh, with a EUR 2.5 billion debt and a loss of EUR 450 million in 2012, went bankrupt.

The reorganization plan for Alpine in Romania will also take into account the strategy deployed by the judiciary administrator of Alpine Bau Gmbh.

Other construction companies in Romania have been affected by the bad economic circumstances, including Romstrade, Concefa, Amarad, ICIM and Euroholding, all of whose insolvencies are being handled by Casa de Insolvență Transilvania.

In Romania, Alpine has 160 employees and currently works on the Arad bypass, the Brasov bypass, as well as on a segment of the Nadlac Arad highway. Among its finished projects are several Billa, Kaufland and Praktiker stores, and several office buildings including Petrom City, Iride Business Park and Geres, among others.

editor@romania-insider.com