Romania's National Company for Highways (CNADNR) has launched the latest procedures to recover a debt of EUR 21 million from insolvent insurer Astra Asigurari.

The state-owned company has blocked all the insurer’s accounts and can recover the money at any time, reports local Economica.net.

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.

Polish company PZU and US group Liberty Mutual, or institutional investors such as EBRD and EIB are interested in the insurer, according to some sources. However, none of them has made a concrete offer so far.

editor@romania-insider.com