Rotras Tires goes bankrupt

The Bucharest Court of Law ruled to declare the tyre manufacturer Rotras Tires Bucharest bankrupt, rejecting the reorganisation plan proposed by the company”s shareholders. The company went into receivership in July 2005, with total debts standing at some 11 million RON (about 3 million euros). Among the companies that hold receivables over Rotras owes money are tyre producer Tofan Group, Severnav Drobeta-Turnu Severin shipyard and rubber producer Carom Onesti. The company also owes money to AVAS (the State Assets Resolution Authority). Rotras had not filed any financial reports since the end of 2003. In 2003, the company had seen losses standing at 2.1 million euros, with a turnover of some 2.3 million euros. The majority shareholder of Rotras Tires is the Transport Auto Astra company, holding 51.2% in it; the main minority shareholder is Rotras International Holding, who holds a 23.3% stake. Transport Auto Astra is owned by Stefan Radulescu, who was arrested last year on charges of economic crimes resulting in damage worth billions of RON both to the state budget and to private companies. ZF