RomâniaFilm enters bankruptcy following court ruling

The Bucharest Tribunal has ordered the bankruptcy and dissolution of RomâniaFilm, a state-owned entity under the authority of the Ministry of Culture. The decision follows requests from two creditors: the Brașov Local Council Tax Directorate and Nada Rusimovici.

Creditors argued that the entity failed to adhere to its reorganization plan, which required the payment of the remaining 80 percent of 32.8 million lei in admitted debts by the end of last year. The Brașov Tax Directorate is owed 30,554 lei, while Nada Rusimovici is owed 1.01 million lei.

RomâniaFilm attempted to contest the bankruptcy, arguing that 2022 amendments to the Insolvency Law excluded autonomous regimes from bankruptcy proceedings. The court rejected this argument. The ruling raises questions regarding the future of buildings and land previously held in the entity's patrimony. At its peak in the early 1990s, RomâniaFilm managed approximately 600 cinemas across Romania.