Insolvent Romanian cable producer Romcab has EUR 222 mln debt

Targu Mures-based cable producer Romcab, which filed for insolvency in February, has accumulated debts of about RON 1 billion (over EUR 222 million), reports local Economica.net. The biggest creditor is the state-owned bank Eximbank, which is the Romanian state’s guarantee institution. Romcab’s debt to Eximbank amounts to EUR 41 million, accounting for 18.4% of its total debts. The second largest creditor is Banca Transilvania, the second largest lender in Romania, which has to recover some EUR 24.8 million. Moscow-based regional lender International Investment Bank comes third, and has to recover over EUR 15 million. Other large creditors include Piraeus Bank, CEC Bank, Banca Comerciala Feroviara, BCR, Intesa Sao Paolo Bank Romania, and Unicredit Leasing Corporation. Among the insurers, the one that has been the most badly damaged is EXIM Romania (CARE Romania), which has to recover about EUR 7.6 million. Sebastian Vladescu, a former Finance Minister, ran the company as president of the Board of Administration until January this year. The company’s majority shareholder was local businessman Zoltan Prosszer. editor@romania-insider.com