Romanian refinery RAFO Onesti re-enters insolvency

The refinery RAFO Onesti filed for insolvency again, five years after the company had managed to exit a seven-year restructuring process, in 2011. On October 27 this year, Bacau Court approved the insolvency request of RAFO Onesti appointing Casa de Insolventa Transilvania (CITR) as the judicial administrator, reports local Profit.ro. At the end of last year, RAFO Onesti had total debts of over EUR 69.3 million. In the last six years, the refinery recorded total losses of over EUR 63.8 million, as its hasn’t produced anything for many years. In June 2016, the company Anders Capital GmbH, registered in Austria and controlled by two investors from Moldova, took over a stake of 96.5% in the company. The refinery was previously owned by another company registered in Austria, and owned by the Russian investor Iakov Goldovski. However, the two Moldovan investors of Anders Capital GmbH decided to step back from the company, and the refinery was finally acquired by a Belgian-registered firm, owned by a person called Daniel Goldberg. In the past he was a board member of RAFO. In February 2015, RAFO’s owner announced that the refinery would be dismantled and sold for scrap. editor@romania-insider.com