Montero at the mercy of suppliers. Debts amount to 29m euros

Montero, the first major pharmaceutical industry distributor that went insolvent early this year, reached an business volume of 15% of the level of 2008, when it posted turnover worth 74.5m euros and several tens of employees compared with over 500 people two years ago. Fineco Insolvency, the legal administrator handling Montero insolvency, is working to finalise the list of lenders, which, once approved, will be followed by a restructuring programme meant to get the firm out of the difficult situation it is now in. Florin Cristica, managing partner with Fineco Insolvency. He specified data referring to the level of debts and main lenders were preliminary ones. On the table of Fineco Insolvency, Montero file is the biggest, out of a total of 150 cases generating annual turnover of almost one million euros. The hundreds of pages, the tables and calculations point to a level of debts of 122m RON (29m euros) and the list of those being owed money include over 70 employees, as well as banks and the state. "It is on the relationship with suppliers that their rebound will be based," Cristica says.