Sticla Turda in judicial restructuring

Romanian glass producer Sticla Turda, located in north-western Romania, has entered judicial restructuring, it was reported on 30 June 2005.
The move was announced by the president of local trade uni…

Romanian glass producer Sticla Turda, located in north-western Romania, has entered judicial restructuring, it was reported on 30 June 2005. The move was announced by the president of local trade union Cartel Alfa Cluj, Grigore Popa, as the organisation represents Sticla“s workers union. The company, which has a workforce of 800 and share capital of ROL 13 billion (USD 437,000/EUR 362,000), currently has debts of ROL 200 billion (USD 6.7 million/EUR 5.6 million). Sticla was set up in 1921 and nationalised in 1945. The company was sold to an entrepreneur from Suceava for ROL 26.7 billion (USD 897,000/EUR 743,000) in April 2000, but the contract was cancelled in October of the same year because the purchaser failed to observe the payment deadline, it was reported on 25 October 2000. Sticla exports about 80% of its production to Germany, the USA, Japan, Switzerland, Australia, Italy and the UK, according to the company website.