Impact Developer&Contractor Brushes Off Insolvency Claims

04.29.2011 By Andrei Circhelan

Romanian realty developer Impact Developer&Contractor (IMP.RO) on Friday said it has cleared the insolvency claims it was facing, through a final and binding decision rendered Thursday by the Bucharest Court of Appeals.

Realty developer Impact Developer&Contractor (IMP.RO) on Friday said it has cleared the insolvency claims it was facing, through a final and binding decision rendered Thursday by the Bucharest Court of Appeals.

Impact appealed a decision issued by the Bucharest Court in July last year, which allowed the insolvency claim lodged by a creditor. The Bucharest Court of Appeals allowed the company's challenge, thus the insolvency claim is permanently removed.

Construction company Romconstruct Ploiesti filed last year for Impact's insolvency, claiming the developer cannot pay a debt of 1.3 million lei (EUR320,000).

Impact shares were trading mid-Friday at RON0.3931, down 4.12% on the day.

Company shareholders include board president Dan Ioan Popp with 18.06%, Carmen Sandulescu with 11.6% and Templeton GIT Emerging Markets, with 6%. (EUR1=RON4.076)