TCE Logistica gives in to lenders

TCE Logistica, a top five courier on the market, with 19.5m-euro turnover last year, a company part of RTC Holding group controlled by businessman Octavian Radu, has filed for insolvency with a view to judicial reorganisation. The company's debts amount to 8,5m euros, of which 3.3m euros are banking loans. The announcement comes less than two weeks after Diverta retailer entered insolvency proceedings, also choosing to resort to judicial reorganisation to pay some debts worth above 10m euros. For both companies, the legal administrator will be Casa de Insolventa Transilvania (Transilvania Insolvency Firm). "Part of our clients have gone insolvent in the past 18 months, causing us cash flow problems. Besides this pressure, the problem of penalties had also started to weigh upon us. We needed to reschedule debts and do away with these pressures," stated Sorin Sofian, CEO of TCE Logistica. He added all these problems forced the company to resort to judicial reorganisation, which it will undergo for the next two or three years, a period during which TCE Logistica will operate normally on the market.