Asesoft takeover set to pull Flanco out of insolvency shortly

Owners of the Asesoft group, Iulian Stanciu and Sebastian Ghita, announced yesterday the takeover of a 60% stake in Flanco, the store chain put up for sale by creditor banks ING, UniCredit Tiriac Bank and BRD after it went insolvent.

Banks are left with 40% of the business, but also with the status of lenders of the new shareholders. "We have financed our investment in Flanco with loans from the three banks that are our partners," Stanciu said.

The deal was announced yesterday in a conference where Flanco managers kept the mystery until the last moment: Iulian Stanciu "made his entrance" a quarter of an hour into the conference, alongside a KPMG manager - the company that advised him in the deal with Flanco's creditor banks. The conference was not attended by any representative of the three banks, although they are left with 40% in the company, and had the last say in choosing the new Flanco investor.

The Asesoft owners will pay the chain's 10 million-euro debts to the three shareholder banks and will bring 4 million euros into the company to boost its working capital.

The transaction is set to pull Flanco out of insolvency in a few months' or even a few weeks' time.