The three banks that lent money to the Flanco network during theelectrical retail boom, ING, Unicredit Ţiriac and BRD, yesterdayapproved the reorganisation plan of the insolvent company, whichpractically removes the risk of it going bankrupt. At the sametime, banks hope to recoup almost 12 million euros from theretailer by finding an investor with cash resources to buy into thecompany.
"The reorganisation plan was voted, therefore bankruptcy is out ofthe question for the time being," explained Andreea Anghelof,senior partner of Casa de Insolvenţă Transilvania SPRL(Transilvania Insolvency Firm), the court-appointed administratorof Flanco International.
She added the lending banks were in talks with two investorsinterested in taking over the retailer's business, both of whichwere willing to come up with at least 14 million euros in cash tosettle the company's debts and increase its working capital.
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