Penescu brothers hire PricewaterhouseCoopers for restructuring

The PIC group, held by brothers Ilie and Cornel Penescu, has signed a contract with PricewaterhouseCoopers, which will assist the over 100 million-euro turnover and 1,500-employee group during its financial restructuring. "We have also hired a financial restructuring company, PricewaterhouseCoopers, in order to cover both the operational and the financial side," said Dragos Stancu, PIC's general manager. Company representatives have not, however, disclosed the fee received by the consulting company, citing contract confidentiality. PwC representatives do not wish to comment on the information. The PIC business is currently run by Ilie and Andrei Penescu, after businessman Cornel Penescu, owner of FC Arges Football Club, was arrested following a football-related scandal. In order to rescue the company, Ilie Penescu has also signed a contract with Ensight Consulting, which has mainly been involved in operational restructuring projects. PIC has as a result let 1,200 employees go. Penescu's advisers also include investment bank BAC Investments, which is supposed to find a buyer for the retail spaces owned by the Pitesti-based group.