Bucharest – Off-the-road (OTR) tire maker Euro Tyres Manufacturing SRL (Eurotire) has filed for bankruptcy but expects to recover “soon”, a company spokeswoman has informed ERJ.
The Bucharest-based company filed for insolvency in May and is currently studying rescue options, including via merger or acquisition.
“We are very much active like we were before. Employees are coming to work and we are producing tires,” the spokeswoman said.
The cause of the bankruptcy, said the company official: “wasn’t materials costs or weak demand, it was just a bad contract.”
Eurotire produces OTR radial tires at its facility in Drobeta Turnu Severin, Romania, and bias play tires in Dniepropetrovsk, Ukraine.
The company is a supplier to Continental Tire under an off-take agreement.