The state has no strategy to save Romanian-held companies thatare going insolvent one by one. This is the conclusion of thefinancial analysts and of the business people who find themselveshaving to file for insolvency to reorganise when they see no otherway out.
"The first to go under are the Romanian companies that deal withconsumers directly," says businessman Dan Sucu, one of thebest-known local entrepreneurs, who controls Mobexpert group ofcompanies.
The top ten companies that are currently insolvent total businessin excess of 850 million euros and 10,000 employees. Most of themeither have retail as their core business or have significantlyexpanded by developing a store chain. Such businesses includeLeonardo, the biggest footwear and leather items retailer inRomania, and electronics and home appliances retailer Flamingo, aswell as hypermarket chains Pic, Trident and Spar.
This is also the case of Diverta, a 62-store chain controlled bybusinessman Octavian Radu, and one of the biggest book retailers onthe Romanian market, which has recently filed for insolvency.
Diverta was fortunate, however, because the banks it works withgave it a grace period of several months after the company askedfor a rescheduling of its debts, as company officials say, whilemost other companies' requests for debt refinancing are turned downby banks.
Under the circumstances, a question comes up: what are the 30billion-euro reserves (which have reached a record high) of theNational Bank of Romania good for, if they are not helpingRomanian-held companies or the tens of thousands of people affectedby their insolvencies?
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
