Leonardo, the biggest Romanian footwear retailer, held bybusinessman Florin Panea, which has received approval for judicialreorganisation from most creditors, one year from becominginsolvent, will start to pay part of the debts accumulated as earlyas in October, with banks being the first to recover theirmoney.
"We agreed with the banking institutions on 205,000-euro monthlyinstalments in the first year of reorganisation. Instalments arelower than of those paid prior to the opening of insolvencyproceedings, because during this whole period we have been payinginterest. We are now going to make payments to employees andtowards the end of the reorganisation period we will pay the debtsto the state," Radu Lotrean, managing partner of Casa de InsolvenţăTransilvania insolvency firm, in charge of the company's judicialreorganisation, told ZF.
The insolvency law allowed the Oradea-based company to restructureits overall debt from the 100 million euros accumulated until 2009,to around 40 million euros, with the money to be paid to bankinginstitutions, employees, and the state over the next four years,with the possibility of extending the period.
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