Court Rejects Appeal In Romania’s Rafo Onesti Trial By Irrevocable Decision

The dispute hindered the closing of Rafo’s reorganization procedure, according to law firm Bostina si Asociatii, which acted for Rafo in the trial.

Rafo’s legal administrator refused to register the receivables at the creditors’ table, on not being certain, liquid and exigible, and Glencore Energy appealed this decision.

Brasov Courthouse equally rejected mid-February the appeal of Glencore Energy in the trial against Rafo Onesti, at its second request to register the $4.1 million receivable, representing the value of 6,920 tons of crude oil.

Rafo went bankrupt back in 2004, being the biggest state debtor at that time. In 2007, Romania’s Privatization Authority annulled the impoundment over the company’s shares, as the investments in the privatization contract were carried out.

In 2007, Rafo Onesti reported debts worth 182.8 million lei (EUR1=RON4.2950), five-fold higher compared with 2006, and a turnover of RON575 million, down 21% from RON719 million, as it was not operational in the first seven months of the year.

Petrochemical Holding owns over 66% in Rafo, directly and through Calder-A.