ROMANIA: Mineral water producer Perla Covasnei went into insolvency | Progresiv
Perla Covasnei mineral water producer owned Valerii and Violeta Moraru family, went into insolvency following a decision by the Ilfov Tribunal. 
Perla Covasnei insolvency was requested by BRD, Roua Development (which owns 11.8% of Azuga Waters shares and is associated with Perla Covasnei) and Global Agents & Consulting. The company has the right to appeal, which can be filed within 7 days the Court's decision publication.
According to the data on the alternative capital market AeRo, Perla Covansei reported operating income of 1.96 million lei in the first half, down by 10.2 million lei compared to the same period last year, while the losses reached 1.9 million lei.
"In the second half of 2017, Perla Covasnei will continue its efforts both to obtain the necessary financing for bottling at the Malnas Bai plant and to obtain a financial or strategic partner to rent or sell the assets of the company, which are not currently in use", the company's Board of Directors' half-yearly report said.
Perla Covasnei ended last year with a turnover of 18.2 million lei and losses of 168,513 lei, according to data published by the Ministry of Finance. The company is owned by Violeta Moraru (29%), Azuga Waters (19%) and Roua Development (14.45%), the rest belonging to the other investors in the AeRo alternative capital market.
