Romanian Contor Group Pins Bankruptcy On Flawed Management

04.29.2011 By Andrei Circhelan

Shareholders of Romanian measuring device maker Contor Grup (CGC.RO) held majority holder and president-general manager Tudor Caracioni responsible for the company’s bankruptcy, and replaced him with Marta Sas, since his mandate was ceased.

Shareholders of Romanian measuring device maker Contor Grup (CGC.RO) held majority holder and president-general manager Tudor Caracioni responsible for the company's bankruptcy, and replaced him with Marta Sas, since his mandate was ceased.

Contor Grup recently filed for bankruptcy, unable to pay its debts since sales dropped. The company owes money to banks and suppliers, as well as overdue taxes.

Caracioni holds 61.4% in the company, through Contor Caracioni, according to the latest data.

Company shares were last trade Tuesday, at 0.0363 lei (EUR0.089) per unit, down 14.99% on the day. (EUR1=RON4.0744)