Clujana, one of the oldest shoe factories in Romania, went into insolvency, according to a decision of the Cluj Specialized Court, cited by local Mediafax.
The company has difficulties in repaying over RON 13 million (EUR 2.8 million) worth of historical debts to the tax authority ANAF, which was accumulated during 2013-2014.
However, the factory has orders and contracts to continue its activity, according to the companys general manager Florin Gliga. He said that the company has the financial resources to continue its activity and pay its historical debt, but lacks the liquidities to pay the historical debts. This problem can be solved by asset sales, as the company owns valuable assets that it doesnt use for product…
Read the full article at: https://www.romania-insider.com/clujana-shoe-factory-nsolvency/
