Case status: Closed cases

Servtrans Invest is one of the most important Romanian companies that activate in the scope of railway transportation and associated logistics. Servtrans Invest SA is thus organized as OTF (Railway Operator Transporter) and is subordinated to Public Work, Transportation and Building Ministry. Currently Servtrans Invest SA covers around 98% of the Romanian Railway Transportation. The company is part of the international Rails Systems (IRSY) group, controlled by the business man Cristian Burci, together with Astra vagoane, Meva SA and Romvag SA. Recently, Grampet Services, under Gruia Stoica control, received a non-objection decision from the Competition Council in respect to a Servtrans takeover proposal, based upon a deal closed in 2011. The parties involved claim the transaction to be of extreme importance for the reorganization plan sustaining both the economic context and necessary resources for the reintegration in the economic cycle.

Insolvency procedure was opened on the 15th of July 2011 and the official receiver was declined to EURO INSOL SPRL. From the insolvency opening EURO INSOL SPRL has designated a specialized team and the debtor headquarter in order to, together with the executive managers and special administrator, implement those measures aiming for financial and economic recovery on a short term basis.

At the time of hand over the company had registered losses - 36.214.313 lei on the 31st of December 2010 and 4.755.114 lei on the 30th of June 2011.

Trough an active and effective management the official receiver succeeded in bringing the company on profit; 2011 registered profit was of 10.455.933 lei.

During this period payments amounting 38.718.800 lei were made based upon creditors’ claims. Also the company contracts inducing losses were terminated. The number of employees was cut by 200 jobs (from 859 to 571 employees in 6 months). The company do not held any debts for bank and leasing rates. An important sign of recovery is the ending of April 2012 when the company entered a 838 carriage renting contract with BCR Leasing.