Uztel S.A.

Case status: Closed cases

Uztel SA Ploiesti is the biggest Romanian producer of equipment for the oil industry. Modern production capacities and very well trained personnel are both nationally and internationally recognized. The company has more than 107 years of activity in the oil and gas industry.

Histroically speaking, Uztel is the rightful heir of the first refinery in the world, built in 1856 near Ploiesti. Later, in 1950, the mechanical manufactures of the Romanian – American Society had become Uztel Company under the supervision of Romanian Oil Ministry. The company became one of the main oil industry equipment producer also supplying maintenance services for the above mentioned scope of activity.

During 2004 Uztel was privatized and at the insolvency procedure opening in 2010 the company was in payment default, registered salary debts of more than 3 million lei for the latest 5 months, had claims from utilities and raw materials suppliers. All of these corroborated with a lack of orders determined the production collapse, tax payments default and back rates delay which, in turn, leaded to the accounts lockout and company assets execution.

Production increase and reinvigoration of exports together with recovering over 2 million dollars claims were taking place under the coordination of the official receiver during 2011. At the end of the year the company was in due time with all the payments claimed by suppliers, employees and state budget. 18,3 million lei were paid to the state budget, 12,6 million to the employees and 32,7 million went to raw materials, utility and leasing companies.

The company ended 2011 with 7.750.00 lei profit after 17.200.000 lei loss in the previous year.