Romanian Prodlacta Brasov Enters Insolvency
Romanian dairy maker Prodlacta Brasov (PRAE.RO) has entered into insolvency proceedings after a local court approved in November the request filed by the company’s legal administrators.
Following the court’s decision, Info-Dip Insolvency SPRL and RVA Insolvency Specialists SPRL on Monday requested Prodlacta’s shares be suspended from trading in Bucharest.
Prodlacta reported a loss of 3.6 million lei (EUR0.83 million) in the first nine months of 2011, wider by 24% on the year. The company posted sales of RON16.6 million, down from RON48.5 million in the year-earlier period
Prodlacta’s main shareholder is its employees association, with a 41.75% stake, while Greek Olympus Dairy Industry Baraolt holds a 23.45% stake and Romania’s privatization authority AVAS – 18.14%.
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