Romanian cable manufacturer Romcab files for insolvency

The company, majority owned by its founder Zoltan Prosszer, has filed for insolvency with the court in Mures county, central Romania, and wants to restructure its business operations. In December 2016, Romcab signed a EUR 5 million loan deal with Piraeus Bank Romania to finance current operations and investment projects. In January 2017, Romcab was to seek further financing of up to EUR 200 million through a bond issue or loan, local media reports.