Three other companies within Grup Șerban Holding (BVB: GSH) will request the opening of insolvency proceedings, just one month after the blockage of Interagroaliment, the main company in the Romanian group, Economica.net reported.

The three companies are guarantors for a EUR 69.9 million loan contracted by Interagroaliment.

The shares of the group, 96% controlled by the group’s founder Serban Nicolae, plunged by 66% ytd at the Bucharest Exchange.

“The move is intended to file applications for the opening of the insolvency procedure. This measure aims to protect the continuity of the activity and preserve the assets of the companies in the agribusiness area of ​​the group," the company's announcement submitted to the Bucharest Stock Exchange states.

iulian@romania-insider.com

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