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Romania: Stipo closed by court

Romanian glass and chinaware producer Stipo has recently halted its operations and laid off workers after a Czech company won a court ruling on the liquidation of Stipo over unpaid debt, trade union l…

Romanian glass and chinaware producer Stipo has recently halted its operations and laid off workers after a Czech company won a court ruling on the liquidation of Stipo over unpaid debt, trade union leader Stefan Tarca said on 20 January 2006. The Czech company appointed an administrator, froze Stipo“s bank accounts and initiated a procedure to sell off the company“s assets, Tarca said. The Romanian privatisation agency AVAS has not yet responded to Stipo“s request to take over its management. Stipo cannot resume operations unless it is re-listed with the Commerce Registry as an AVAS- owned entity. The company is based in Dorohoi, in the northeastern county of Botosani. Stipo owed ROL 100 billion (USD 3.36 million/EUR 2.87 million ) to the state and suppliers as of end-October 2005, it was reported.

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