Aro enters receivership

Aro Campulung has been placed in receivership by a ruling of the Arges Commercial Court. The court’s decision was the result of a petition for the start of receivership or bankruptcy procedures filed by the union representing employees laid off by Aro. The union is looking to secure a severance package of some 30bn ROL (0.8 million euros). In September 2003 the company was acquired by Cross Lander from the former Authority for Privatisation and State Interests Administration (APAPS). Cross Lanser has come to control more than 56% in the company after committing to pay 15.8 million dollars (more than 12 million euros) for the stake and for investment in addition to a further 11.4 million dollars (over 8 million euros) against the factory’s debts and commercial loans. ZF