Two Romanian Cos Ask For Insolvency Of Rompetrol Downstream

Two Romanian companies, Novensys Corporation and Automotive, asked the Bucharest Court to initiate insolvency procedures against Rompetrol Downstream, the fuel distribution division of the Rompetrol group.

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Novensys Corporation requested the launch of insolvency procedures against Rompetrol Downstream on February 25, and the request will be analyzed on May 19.

Rompetrol Downstream representatives told MEDIAFAX the situation is "strictly commercial" as not all aspects have been settled in a contracts concluded between the two firms.

In addition, Rompetrol Downstream will ask the court to reject all requests in the matter and to impose upon Novensys the payment of 10% of the receivables claimed.

Automotive SA filed two suits against Rompetrol Downstream, on April 30 and on May 4, also requesting bankruptcy. The hearings are set for December 3 and December 15, 2010.

Rompetrol Downstream operates 805 gas stations. The Rompetrol group is owned by Kazakh state-owned company KazMunaiGaz.

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