Ultra Pro's bankruptcy expected this week
A ruling on the bankruptcy of K Tech Ultra Pro, the largest
IT&C retailer three years ago, is expected this week, after the
lawyers' petition was discussed yesterday, Geanina Oancea, partner
with BDO Business Restructuring SPRL, the company's court-appointed
administrator, told ZF.
"Our proposition for K Tech Ultra Pro to be declared bankrupt was
discussed today (yesterday i.e.), and a court ruling is expected
shortly. We will probably have an answer this week," Oancea told
ZF.
K Tech Electronics, the company founded by spouses Alina and
Cristian Fughina had accumulated 28 million euros in debt to 84
creditors. The collapse of the retailer at the end of last year,
after it had over 80 million euros and almost 700 employees at one
point, had various causes, among which the management's inability
to adapt its strategy to the market decline, exposure to foreign
exchange risk and dependence on foreign funding.
K Tech Electronics posted 312.86 million RON (84.9 million euros)
in revenues in 2008. The company's revenues were significantly hurt
in the first six months of 2009, when they amounted to just 56.04
million RON (13.5 million euros).