BCR wants receivers of insolvent Pic network replaced with PwC

BCR, one of the creditors most exposed to the insolvency of the retailer held by brothers Ilie and Cornel Penescu, requested that the current receivers of Pic be replaced by PwC, the biggest audit and consultancy firm on the Romanian market.

BCR and Banca Transilvania are Pic's biggest creditors; the retailer owes approximately 30 million euros to several banks, according to data provided by the networks' representatives.

The first meeting of Pic's creditors was held last week, but the reorganisation plan of the network that the shareholders and current receivers proposed has not been approved yet.

"BCR proposed to have the receivers replaced with PwC, probably because this is the biggest auditor on the market and has a lot of expertise in this field," Ilie Penescu stated.

The court-appointed receivers are three individual insolvency firms based in Arges. Their replacement with PwC can only be done by the court.