Octavian Radu says he has run completely out of money
Octavian Radu, owner of the RTC group, which includes several
companies operating on the courier, transport, fashion, real
estate, and book market, with 130 million euros in turnover last
year, says he has run out of financial resources in his attempt to
support his businesses after two of the group's biggest companies,
Diverta and TCE Logistica, went insolvent.
"I have an account abroad, but no money in it. The millions have
dried up," says the owner of Diverta, adding however that he does
not think he will end up living off a salary, but does not have
money set aside.
At the end of last year, Rasvan Radu, executive president of
UniCredit Tiriac Bank told ZF many Romanian business owners were
mainly concerned about preserving their living standards,
preferring to file for insolvency rather than come up with
additional money.
"If I had the money, I knew what to invest it in," answers Octavian
Radu, adding that bankers' statements seem to him "idle
accusations".
"All my friends are now asking me how I am doing, if I feel
depressed. My life has changed a lot, meaning that reality is
bleaker, but life goes on. We basically just do our job in a
different environment now. Some adjustments are made smoothly,
others not so smoothly in business, insolvency is one of the
latter," added the Diverta manager.
A few weeks ago, book retailer Diverta, with 10 million euros in
debt and 30 million euros in turnover in 2009, as well as courier
company TCE Logistica, with 8.5 million euros in debt, went
insolvent, and are set to undergo restructuring.