Insolvent Romanian insurer asks for EUR 21 mln debt payment plan

Consultant KPMG, the special manager of insolvent insurer Astra Asigurari, has asked the bailiff for a payment schedule plan of the insurer’s debt to the National Company for Highways (CNADNR). Astra Asigurari owes CNADNR about EUR 21.6 million. The Highway Company blocked on Tuesday all the insurer’s accounts after the Bucharest Court of Appeal decided to start the foreclosure procedure. The payment schedule plan would allow the insurer to continue its activity while still pay its obligations, according to KPMG. Astra Asigurari has been under financial administration for almost a year. Its fate is still unclear, as the company’s liquidity ratio approaches zero. The insurer needs an urgent EUR 100 million boost. Romanian insurer Astra Asigurari returns to profit, but lowers premium sales editor@romania-insider.com