Romania's largest hosiery manufacturer goes insolvent

The largest hosiery manufacturer in Romania, Mondex Sibiu, controlled by Calin and Virgil Vircolacu, has filed for insolvency with the Sibiu Court of Law, and is set to start a reorganisation programme and attempt to pay debts to its main creditors. “We are now examining the situation, with a plan for reorganising Mondex’s business to follow. We cannot inform you on the steps we will be taking,” said special administrator Calin Bogdan Vircolacu, who, alongside Virgil Adrian Vircolacu, holds 96% of the company’s shares, according to information provided by him. Vircolacu did not specify the level of debt or who the company’s main creditors were, but, according to representatives of the Sibiu Public Finance Department, goods have already been seized from Mondex due to debt to the state budget.