Coface: Bankruptcies in Romania up 35 percent in 2007

Number of bankruptcies in Romania grew 35 percent in 2007, compared to 2006, according to a survey released by Coface.
The most risky Romanian activity sector was trade with 41.4 percent of the total bankruptcies in 2007.
At the end of 2007, as many as 14,104 companies were in various stages of insolvency, of which 188 under judiciary reorganisation, whereas 513 concluded the reorganisation or bankruptcy proceedings because of the lack of assets. As many as 13,104 companies went bankrupted.
The bankruptcies in the commercial sector grew 6 percentage points one year ago compared to 2006.
In terms of geographical repartition in 2007, Romania’s south-east area held the first place in the ranking of bankruptcies with 2,696 bankrupted companies.

Bucharest ranks first in the bankruptcy ranking with a 16.4 percent share, followed by Galati with 8.4 percent of the total bankruptcies namely 1,131 companies. The counties with the most significant rises in bankruptcy reported in 2007 were Neamt with 16 percent, Gorj with 12 percent, Tulcea with 19 percent and Giurgiu with 12 percent.
The most favourable development in terms of the decrease in the number of bankrupted companies one year ago as against 2006 was reported in Dolj, Mehedinti, Teleorman and Ialomita.
According to Coface, the figures show that small traders are hardly able to cope with big retailers who expend networks year on year. As many as 152 shops opened in 2007 and the number of hypermarkets grew by 29 units through the opening of Carrefour, Real, Auchan, Kaufland and domestic  network Pic.
The most safe fields with a low insolvency rate remain the energy industry, the extractive industry, telecommunications, IT and financial brokerage each with an about 1 percent share of the total bankruptcies.
Most companies undergoing bankruptcy are characterised by poor management, low capitalisation and high vulnerability to financial shocks, said Coface Romania general manager Cristian Ionescu.
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