The Dolj Court ruled on March 3rd the exit from insolvency of the oil equipment manufacturer Uztel Ploiesti. The court’s decision came after the completion of the reorganization plan of the company that managed to pay both the creditors enrolled in the final table of receivables and the current receivables to suppliers, employees and budgets, according to a statement released on Monday by the judicial administrator Euro Insol. The decision is enforceable, but it may be appealed within seven days, on certain issues.

“As a result of mismanagement, on September 6th 2010, the company was forced to declare insolvency. Uztel was incapable of payment, amassing debts of over 74 million lei. There were registered debts at paying wages for the previous five months, debts to the utilities and raw materials suppliers”, said the judicial administrator Remus Borza, in the sent press release.

During the reorganization, Uztel performed payments of over 430 million lei, according to the receiver.

The petroleum equipment market was highly affected especially in the last two years, amid the collapse of oil prices from over 100 dollars in early 2014, to below 30 dollars per barrel at the end of 2015.

The manufacturer of petroleum equipment Uztel recorded in 2015 revenues of 63.8 million lei (14.2 million euros) while the total level of debt from that year was 31.2 million lei (6.9 million euros), according to the report sent to the Ministry of Finance.