Banks have 21m-euro exposure to Trident's insolvency
Trident, the second-largest Romanian food retailer, which filed
for insolvency with 25-26 million euros in debt in August, expects
to end this year with a 30 million-euro turnover. The chain
currently operates 4 supermarkets, which in 2008 posted a 47
million-euro turnover, according to data supplied by the
company.
"The overall loans taken out during the time when Trident was
developing its operations amount to 21 million euros in all - the
initial repayment schedule has been maintained for some of them,
while others have been rescheduled. Debts to suppliers and to some
of the business partners amount to around 4-5 million euros," said
the representatives of the operator of Trident supermarkets.
The retailer's shareholders filed for insolvency shortly after the
closure of the Trident Shopping Center in Sibiu, the biggest real
estate project of spouses Constantin and Alina Mateescu. They
invested around 15 million euros in the project, for which they got
a 10 million-euro loan from Romexterra Bank. Trident shareholders
now rely on selling real estate assets to reduce its debts.
The Trident supermarket chain in Sibiu, which has been insolvent
for around four months, expects a 30 million-euro turnover this
year, down by almost half against the 55 million euros reported in
2008.
The retailer closed a supermarket in Alba Iulia and its only
Sibiu-based supermarket, which it opened in April. The company also
gave up plans to expand to Bucharest - this year was set to see the
opening of the first Trident supermarket in Bucharest.
"The turnover we expect at the end of this year is 30 million
euros. The company's management put off the expansion of the
Trident chain to Bucharest, focusing instead on streamlining
operations in its four medium-sized and large stores in Medias,
Sibiu, Sfantu Gheorghe, and Deva," said representatives of Trident
Trans Tex, the chain's operator.