ROMANIA: The bottler of Perla Ciucasului goes bankrupt | Progresiv

Aguapur company from Brasov, the bottler of Perla Ciucasului mineral water, went bankrupt at the request of BRD. The opening of bankruptcy proceedings was decided by the Brasov court, following the rejection of the reorganization plan.

Aguapur went into insolvency in the spring of last year, and the insolvency was argued by the economic downturn triggered in 2009, which generated an acute shortage of liquidity and a large exposure of the company to short-term bank loans with repeated extensions of maturities.

Aguapur has a factory in Vama Buzaului, Brasov County, at the foot of the Ciucas Mountains, where it produces and bottles the natural spring water of Perla Ciucsului. According to the most recent financial data, Aguapur registered revenues of over 3.6 million lei in 2015, given that in 2009, when the global financial crisis broke out in Romania, the company had 6.6 million lei in turnover and profit of 626,300 lei.

Aguapur is not the only player on the mineral water market that went bankrupt. In June 2016, Bilbor water bottler, Bilbor Mineral Water, went bankrupt, about 14 months after the opening of the insolvency proceedings. The company's assets were initially put up for sale for approximately 5 million euros, but unsuccessfully.