Romanian tourism agency ONT Carpati, which owns 35 percent of the firm that runs the five-star JW Marriott hotel in Bucharest, will go bankrupt. The company's shareholders decided to file for bankruptcy, rather than trying to steer the company out of the red by October 2013.

ONT Carpati, listed on the Bucharest Stock Exchange – Rasdaq platform, which also owns the four-star hotel New Montana in Sinaia (in picture), has a EUR 5 million debt to its majority shareholder, Bank of Cyprus. The bank owns over 93 percent in the company via Gosman Properties.

ONT Carpati's shareholders approved its bankruptcy directly, skipping the usual step of insolvency. The company posted a loss of some EUR 10 million last year. The loss was triggered by a debt owed to Societatea Companiilor Hoteliere Grand – the company which owns the JW Marriott Hotel.

editor@romania-insider.com

(photo source: hotel's website)