Romanian construction company files for insolvency

Building materials producer Baumix - Patru Maini - has filed for insolvency, reports local Ziarul Financiar. Its judicial administrator, Insolvency House Transilvania, has in its portfolio other insolvencies from the construction area, including the construction company Romstrade. Romanian businessman Augustin Russu founded Baumix in 2003 and changed its name to Patru Maini two years ago. The company posted a EUR 5.2 million turnover in 2013. The construction industry went down by 45% during the crisis, and was one of the most affected sectors. editor@romania-insider.com