The Bucharest Chemical Equipment Assembly Trust (TMUCB SA), a historical company with local private capital and one of the largest companies in the construction field, is coming out of insolvency after 8 years. Since 1958, TMUCB SA has carried out in Romania and abroad complex turnkey technological projects for the chemical and petrochemical, metallurgical, cement, pulp and paper mills, thermal and nuclear power plants, sugar factories, car factories, tanks, transmission and distribution pipelines for petrochemicals, gas, water, steam, etc. The company specializes in the design, manufacture, assembly and assembly of technological machinery and equipment, storage tanks for gas stations, piping systems, metal structures.
“TMUCB is a company that proves that judicial reorganization is a viable solution for business recovery, and insolvency does not mean bankruptcy, if the procedure is applied from the first signs of difficulty. In the case of TMUCB SA, the reorganization procedure was very long: 8 years of insolvency, of which 6 years of reorganization, with many challenges but we are glad that together with the company’s management we found solutions to continue the activity. We are happy with this achievement, especially since less than 5% of insolvent companies manage to reorganize because they resort to such procedures when they are in an advanced degree of difficulty and saving them is very difficult. During the reorganization, over 33 million lei were returned to the creditors”, said Oana Munteanu, Partner within CITR, who specified that the insolvency ensures a fair treatment, both for the company and for the creditors.
During the reorganization procedure, CITR managed the company’s patrimony and paid debts to creditors amounting to 33 million lei.