Romanian construction company Straco Grup, which is controlled by local investors Alexandru Horpos and Traian Horpos, was declared insolvent, according to the Bucharest Court, reports local Ziarul Financiar. Straco is the second big construction group to enter insolvency in August, after the builder Apolodor Com Impex also filed for insolvency.

The construction market went down by 40% during the crisis. Straco Grup posted a turnover of almost EUR 69 million and a net profit of EUR 135,000 last year, and it had more than 500 employees.

The company, which was founded in 2003, started its activity with contracts with local authorities, going from a turnover of EUR 451,000 in 2003 to a turnover of almost EUR 197 million in 2012. The business started to go down afterwards.

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