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Romanian Developer Impact Dubbed Insolvent, Appeal Pending

The Bucharest Court allowed Thursday the insolvency request lodged by Romconstruct Ploiesti against Impact Developer & Contractor (IMP.RO), but the latter said it will appeal the decision.
Romanian Developer Impact Dubbed Insolvent, Appeal Pending
12 iul. 2010, 10:28, English

The insolvency request comes following a 1.3 million lei (EUR1=RON4.2375) debt claimed by Romconstruct from Impact. The debt is currently litigated in three pending lawsuits, rendering payment impossible at this time, Impact said in a statement Monday.

Impact said it will appeal the decision, since the company has over RON10 million in its bank accounts and monthly cash entries of some RON4 million, much more than the debt claimed by Romconstruct.

Furthermore, Impact representatives stated Romconstruct currently owes RON16 million in penalties for delayed deliveries.

Impact shares were suspended from trading before the opening of the Bucharest Stock Market Monday, so that investors may be informed on the court ruling.

Impact closed up 0.92% Friday, at RON0.437 per share.

The company’s largest shareholder is Dan Ioan Popp, chairman and CEO of Impact, who owns 22.6% of shares. Financial manager Carmen Sandulescu owns 11.61%, while other shareholders include investment fund Templeton GIT Emerging Markets, managed by Franklin Templeton, with 6%.

Romconstruct Ploiesti is 95.49% owned by Neculai Rosu.