Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Carom company in Oneşti (Nord-Est region, Bacău county) was declared bankrupt in November 2005, following accrued debts totalling 11,000 billion lei, owed for the most part to the state budget.
Carom manufactured basic chemicals, including synthetic rubber and oil refining products. The company was privatised in 2003 and subsequently taken over by another investor. At the moment of privatisation, Carom owed 6,700 billion lei to the state and the new owners failed to cover the debt.
The application of the bankruptcy procedure was delayed. In February 2006, Carom employees requested an approval from the Ministry of Public Finance (Ministerul Finanţelor Publice, MFP), on an agreement renting Carom's equipment to Uton company in Oneşti. Uton was interested in financing the acquisition of oil products to be processed on Carom premises. According to trade union leader Vasile Udrea, MFP turned down the proposal made by the trade union members. Disgruntled, employees threatened with protest meetings and street blockades.
Following the refusal of MFP, Carom's 1,500 employees expect to be made redundant any time now.
Eurofound (2006), Carom, Bankruptcy in Romania, factsheet number 63059, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/63059.
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