Romanian courier listed on alternative bourse enters insolvency

Local courier company Chronos Curier has entered insolvency upon its own request, three months after it had listed its shares on the AeRO market, Bucharest Stock Exchange’s alternative trading system dedicated to small and medium companies, reports local Wall-street.ro. The company was the largest on the AeRO market based on its capitalization. Its shares dropped by 8.1% last week on Thursday, reaching EUR 2 million. The company’s founder Andrei Marinescu said at the time of the listing that the shareholders would put up for sale a 10% stake in the company, or 5.38 million shares. Investors, however, showed little interest in the company, as its shares were among the most thinly traded among the new companies on the AeRO market. In the three months, investors have traded almost 2,400 shares worth some EUR 4,200. The courier company had 71 employees and a turnover of EUR 4.4 million in 2014. editor@romania-insider.com