ROMANIA: Lemarco sugar producer goes into insolvency on demand | Progresiv
Lemarco Cristal, producer of Lemarco sugar, went into insolvency on demand, according to data released by Ialomita Court. Lemarco Cristal is a business of 100 million lei and one of the most important employers in Urziceni. Business Recovery BD & A SPRL company has been appointed as a judicial administrator with a temporary fixed fee of 1,500 lei. 
The insolvency claim comes amid an 11% decline in business in the past year, but also due to a rise in losses that in 2017 were three times higher than in the previous year, amounting to 44 million lei.
Lemarco Cristal, one of the most important players on the local sugar market, is a Romanian-American company, owned in equal proportions by the Atlanta Corporation and three local entrepreneurs - Neculai Maratas, Mircea Radin and Cristian Penciulescu. Lemarco Cristal reported for last year business of 99.37 million lei and losses of 44.32 million lei.
The Romanian sugar market has been marked by the drastic reduction in the number of producers over the last 20 years. Thus, if there were 33 processing plants in Romania at the beginning of the 1990s, only four main producers are now present on the market: Agrana, Diamant Oradea, Lemarco and Zaharul Ludus (Tereos).
