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Court Rules In Favor Of Romania’s Rafo Onesti In Crude Supplier Trial

Brasov Courthouse ruled in favor of Romanian refinery Rafo Onesti in the trial with UK-registered crude oil supplier Glencore Energy, which asked to be registered at the creditors’ table, for a $75 million debt, representing the value of 123,530 tons of crude oil.
Court Rules In Favor Of Romania's Rafo Onesti In Crude Supplier Trial
06 oct. 2008, 12:18, English

"Brasov Court rejected Glencore’s request and ruled in favor of Rafo. This solution emphasizes the idea that Rafo has got the capacity to fulfill the reorganization plan approved by the syndic judge and cover the receivables of all creditors at the creditors’ table, resulting in Brasov Court ruling to close the reorganization procedure," said Bogdan Paraschiv, representative of Bostina si Asociatii law firm, which represented Rafo in the trial.

Rafo went bankrupted 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= 3.8720), 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.

In 2007, Rafo also paid off all its debt worth RON898 million to Romania’s state budget.

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

Rafo Onesti was shut down in February for a two-year period, for an investment program exceeding EUR350 million.