PIC, the Arges-based group held by brothers Ilie and CornelPenescu, the fifth Romanian retailer that filed for insolvency onits own this year, has loans worth around 30 million euros takenout from four Romanian banks. "We are at the stage where we aredrawing up debt lists, which will be finalised over the next coupleof weeks. That is why I don't know at this time what the overalldebt amounts to. But the bank loans are worth around 30 millioneuros and are taken out from BCR, Banca Transilvania, UniCredit andPiraeus Bank," said Ilie Penescu, co-owner of the group. Hementioned that the banking debt is more or less similar to theoverdue debt that PIC owes to its around 400 suppliers. None of thebanks had answered ZF's request for further information. Theshareholders of the PIC group filed for insolvency last week amid a30% sales decline over the course of this year and amid pressurefrom creditors. The group ended last year with 154 million-euroturnover and over 90 million-euro debt, according to data availableon the website of the Finance Ministry.
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