Flanco's creditors, the biggest of which are ING, UnicreditŢiriac Bank and BRD, are today voting on the reorganisation plan ofthe network, which entails a capital inflow from a new investor inthis business in order to repay the debt to banks.
The administrators of the company that has been insolvent for abouteight months recommend the transfer of the stores to a newlyestablished company, which should later get a capital inflow from afinancially powerful investor.
The biggest creditors of Flanco, ING, Unicredit Ţiriac Bank and BRD- Groupe Societe Generale have about 12 million euros to recoverfrom the retailer.
Flanco's shareholders and administrators are currently in talkswith two investors that could buy into the company via a capitalinflow.
The short list of those interested might include Dan Adamescu, oneof the shareholders, Lorand Szarvadi, the minority shareholder ofcompetitor TechnoMarket Domo or an Asian trade group, and the dealcould put the company's value at tens of millions of euros, marketsources say.
Flanco posted some 140 million euros in business in the firsteleven months of 2009 and then went insolvent, as revealed by theinformation provided by the operator.
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