The Romanian tourism agency ONT Carpati announced it is filing for bankruptcy. ONT Carpati, which is listed on the Bucharest Stock Exchange, owes €5m to majority shareholder Bank of Cyprus. The company posted a loss of around €10m last year.
ONT Carpati owns a 35-percent share of the company that runs the five-star hotel JW Mariott in Bucharest and the four-star hotel New Montana in the city of Sinaia.
