The main lenders of Flanco group, ING, Unicredit Tiriac and BRD,and the retailer's suppliers have agreed with the company'smanagement and Transylvania Insolvency House to wipe out debtsworth above 40m euros out of a 60m-euro total receivables volumeregistered after the company went insolvent in December 2009. Fromthe maximum possible sum that could be recouped, namely 20m euros,a level of 4m euros is conditioned, though, on the trend of theretailer's sales in the next 3 years. Flanco International, themain company of Flamingo group, has recently submitted to theBucharest Tribunal the company's reorganisation plan, due to beapproved during the Lenders' General Meeting and validated by thesyndic judge by late September. Only banks with secured receivablesand the state can still recover something in the wake of Flanco'sreorganisation, while suppliers have lost everything andshareholders will be diluted after the company is taken over by aninvestor. Flanco officials said they were very close to completingnegotiations with an investor that will take over the company'smajority stake.
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