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Romanian Astra Vagoane Calatori Threatens CFR Calatori With Insolvency Over RON31.6M Debt

Romanian railway equipment maker Astra Vagoane Calatori summoned state-owned passenger railway company CFR Calatori to pay debts amounting to 31.61 million lei (EUR1=RON4.2163), threatening to file for the latter’s insolvency.
Romanian Astra Vagoane Calatori Threatens CFR Calatori With Insolvency Over RON31.6M Debt
11 iun. 2010, 14:16, English

Besides the respective debts, CFR Calatori has to pay Astra Vagoane Calatori another RON1 million.

Through a notification dated June 9, Astra Vagoane Calatori asked the passenger railway company to pay its debts within ten calendar days.

Contacted by MEDIAFAX, CFR Calatori’s general manager Liviu Pescarasu said he will ask Astra Vagoane Calatori’s representatives to establish a debt distribution graphic, adding that the passenger railway company will pay RON10 million in June.

„Insolvency is out of the question. We have received such requests from other companies, besides Astra Vagoane Calatori,” Pescarasu said.

Astra Vagoane Calatori is owned by local businessman Valer Blidar, directly, with a 44.91% stake, and indirectly, with another 51% stake, through the company Tristar, where he owns 80% of the shares.

CFR Calatori closed 2009 with a loss of RON250 million. It plans to reduce its loss to RON180 million this year. Moreover, the company decided to lay off 1,100 people in 2010.