The number of companies in Romania that entered into bankruptcy in 2008 amount to 14,157, a 126% increase compared to last year and 2009 data estimates reveal a new record, CoFace Romania director Cristian Ionescu declared for NewsIn.
According to him, the number of bankrupt companies might double or even triple in 2009 compared to 2009 considering already existent data. Coface down rated the rating of all countries in Central and Eastern Europe, including Romania.
The payment behavior of most Romanian companies deteriorated significantly starting October 2008. Lack of payment incidents increased, on average by over 500% compared to the average in the first months of 2008. Thus, all companies dependent on bank credits were profoundly affected, a Coface press release reads.
The peak of the crisis will be felt by mid 2009 and our estimations reveal that the crisis will end in the second half of 2009, once the world economy will stop decreasing. We're considering a moderate recovery in early 2010, even if it will be a slow process, Coface president Francois David declared.