RAPID FIRE DISASTER
BURSA 17.02.2017

ADINA ARDELEANU (translated by Cosmin Ghidoveanu)
 
mărește imaginea
     *  Six creditors, of which International Investment Bank and Unicredit Leasing have asked for the insolvency of the company, in the lawsuit which has already been filed with the County Court of Mureș
     *  Bank loans had been guaranteed with inventory, which according to information which has surfaced was fictitious
       Cable maker "Romcab", which filed for insolvency on February 10th, yesterday posted a loss of 178.23 million lei in 2016, compared to a net profit of 42.13 million lei in 2015, as, on September 30, 2016, it had a net profit of 39.6 million lei.
     In other words, in just three months, 217 million lei have vanished from the company.
     As operating revenues only increased 20% last year, to 1.01 billion lei, expenses rose 55%, 429 million respectively, over 2015, to 1.2 billion lei. On December 31st, expenses with raw materials and consumables reached 830.54 million lei, up 84% over the previous year, and 357 million lei over the numbers reported at the end of the 3rd quarter.
     The total debts of the company have reached 925 million lei, at the end of last year, increasing 164 million lei compared to 2015.
     In the beginning of the year, MCAB stock started going downhill, after information about the occurrence of defaults incidents concerning promissory notes unpaid by Romcab. Their amounts stand at 103 million lei.
     The company initially informed the Bucharest Stock Exchange that it had a temporary problem and that it has taken every necessary step to overcome it. At the end of January, the MCAB shareholders approved a bonds issue of 200 million Euros, but on February 10th, the company filed for insolvency, with the trial to be heard on February 20th.
     Meanwhile, several creditors have asked for the insolvency of "Romcab", such as: Unicredit Leasing Fleet Management, Unicredit Leasing Corporation IFN, International Investment Bank, Societatea Elbi & Lighting SRL, Societatea Charter Trans Air Agency, Societatea Inotal Aliminiumfeldolgozo Zrt.
     According to some sources, based on the documents filed with the court, RTZ & Partners SPRL has been proposed as special administrator.
      "BURSA" yesterday reported that the majority stake of 69.02% in "Romcab", owned by "Sadalbari", was pledged to "Stareal Limited" of Cyprus, on February 6th, 2017, four days before the cable maker of Târgu Mureș filed for insolvency, according to the Electronic Archive for Secured Transactions.
     Moreover, on January 27th, Zoltan Prosszer assigned to Roxana Tarcă (the representative of the investor relations department of Romcab) 35 of the 45 shares owned in "Sadalbari". This increased Roxana Tarcă's stake in "Sadalbari" to 46.7%, while Zoltan Prosszer was only left with 9.35%. The "Sadalbari" shareholder structure includes Rodica Dochițoiu (with 37.38%) and Amberyce Limited (with 6.54%), according to data from the Official Gazette.
     Several banks have exposure to Romcab, as the loans were guaranteed with inventory and machinery. In the market there is talk about the fact that EximBank allegedly accepted the inventory as collateral, based on an evaluation made by an independent company. Market sources are also saying that when the officials of the bank wanted to check the inventory, they found it didn't exist, which even led to a criminal complaint being filed against the evaluator.
     In 2015, International Investment Bank (IIB) - a multilateral development bank granted the cable maker a 3-year 15 million Euros loan, to finance its main activities, especially for the acquisition of raw materials from various producers, including from other countries that are members of the bank.
     Romcab creditors also include Banca Transilvania, CEC Bank, Banca Feroviara and BCR.
     MCAB shares also fell 15% yesterday, to 2.21 lei/share, posting a loss of-66.5%, over the last month. 
 

 
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Cotații Internaționale

Prognoza Meteo
     20.08.2017 
     Prognoza pentru România
     Vremea va fi călduroasă în cea mai mare parte a țării, caniculară după-amiaza pe arii relativ extinse în Oltenia, Muntenia și local în Moldova și Transilvania, unde și disconfortul termic va fi ridicat, indicele temperatură umezeală (ITU), urmând să atingă și să depășească ușor pragul critic de 80 de unități. Cerul va fi variabil, dar în regiunile vestice, nord-vestice și pe arii restrânse în cele centrale instabilitatea atmosferică se va accentua treptat și mai ales în a doua parte a intervalului se va manifesta prinînnorări temporar accentuate, averse care vor avea și caracter torențial, frecvente descărcări electrice, intensificări ale vântului ce vor lua și aspect de vijelie și căderi de grindină. Cantitățile de apă vor depăși izolat 20...25 l/mp. Temperaturile maxime se vor încadra între 28 și 36 de grade, cu cele mai scăzute valori pe litoral și în extremitatea de vest a țării, iar cele minime vor fi cuprinse între 13 și 23 de grade, mai scăzute în depresiuni spre 8...9 grade.
     Prognoza pentru București
     Vremea va fi călduroasă, chiar caniculară după-amiază. Temperatura maximă se va situa în jurul valorii de 35 de grade, iar cea minimă va fi de 17...18 grade, ușor mai scăzută în zona preorășenească. Cerul va fi variabil, mai mult senin în prima parte a zilei, iar vântul va sufla slab și moderat. 
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