RAFO refinery became insolvent again

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RAFO Onesti, the third oil refinery by capacity in Romania, is back in insolvency on its own initiative, 5 years after when in 2011 made the exit from reorganization proceedings which lasted no less than seven years, due to previous entries in the insolvency that occurred in 2004.

On October 27, Bacau Court accepted the application for entry into insolvency of Rafo and appointed Casa de Insolventa Transilvania as provisional insolvency administrator.

Late last year, RAFO Onesti had total debts of over RON 312 million, accumulating over RON 287 million in the past six years.

Creditors have deadline until December 11 to register their claims.

On end-June, Austrian company Andres Capital GmbH, controlled by a group of businessmen from Republic of Moldova, headed by Vitali Cebanu, announced that is the new owner of RAFO Onesti refinery.

At that moment, the transaction was surprising considering the fact that the refinery has accumulated losses of USD 400 million in the last eight years.

Vitali Cebanu said he plans to restart the refinery. “The situation is not so serious. There are no historical debts. There are certain current liabilities for salaries that we will pay as soon as we start some of the production facilities,” Moldovan businessman noted.

Last year, Romanian businessman Ovidiu Tender was sentenced to 12 years and seven months in prison along and Marian Iancu who received a sentence of 14 years in prison in the RAFO Onesti-Carom file, being accused of fraud and money laundering.

Local media, quoted by profit.ro, said that the two Moldovan businessmen have withdrawn from the deal and RAFO’s shares were taken over by a company registered in Belgium, Result-4-You BVBA, which would be controlled by a certain Daniel Goldberg, who would have been in the past member of refinery’s Board of Directors.


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