Romania: Armax Gaz Medias enters insolvency with debts worth 24 mln. euro

On July 3rd, the Sibiu Court admitted Armax Gaz Medias’s application for insolvency. The company with a history of 100 years is specialized in the production of gear and equipment for the oil and gas industry. Despite the increase of almost 55% in turnover, at 75,47 million lei, Armax Gaz registered losses last year and failed to reduce its debts.

Thus, the company reported a loss of almost 13 million lei, while the debts increased by 13%, at 109 million lei. The provisional legal administrator of the company was named the CITR Sibiu subsidiary, also decided by the Sibiu Court on July 3rd, according to economica.net.

Although it was established in 1991 as a joint stock company, Armax Gaz Medias has a history that covers that of the Romanian gas. Since 1917, gas is used for public lighting, and Turda is the first European city to have this facility. In this context, workshops for service of gas wells were set up at Medias, which later formed the basis of the company that today bears the name Armax Gaz, according to information on the company’s website.

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