Flanco asks creditors to vote on new investor today
Flanco's creditors, the biggest of which are ING, Unicredit
Ţiriac Bank and BRD, are today voting on the reorganisation plan of
the network, which entails a capital inflow from a new investor in
this business in order to repay the debt to banks.
The administrators of the company that has been insolvent for about
eight months recommend the transfer of the stores to a newly
established company, which should later get a capital inflow from a
financially powerful investor.
The biggest creditors of Flanco, ING, Unicredit Ţiriac Bank and BRD
- Groupe Societe Generale have about 12 million euros to recover
from the retailer.
Flanco's shareholders and administrators are currently in talks
with two investors that could buy into the company via a capital
inflow.
The short list of those interested might include Dan Adamescu, one
of the shareholders, Lorand Szarvadi, the minority shareholder of
competitor TechnoMarket Domo or an Asian trade group, and the deal
could put the company's value at tens of millions of euros, market
sources say.
Flanco posted some 140 million euros in business in the first
eleven months of 2009 and then went insolvent, as revealed by the
information provided by the operator.