Leonardo, the biggest Romanian footwear retailer, with over2,000 employees, has managed to convince its 380 creditors, amongwhich five banks, to approve the plan for the reorganisation of thestore network, a first step to avoiding bankruptcy.
The Oradea-based retailer, controlled by businessman FlorinPanea, is thus the second major Romanian company getting thego-ahead for its reorganisation plan, after Flanco, a year afterentering insolvency in the wake of 100m-euro debts.
Meanwhile, Leonardo has shut down over 60 stores and made over1,000 employees redundant, but has managed to "resize costs,cutting salary, rent expenses and other one-off expenditures,"according to Radu Lotrean, managing partner of Casa de InsolvenţăTransilvania SPRL, in charge with the legal reorganisation of theretailer.
According to the list of creditors, five banks have a little above20m euros (86.4m RON) to recoup, with BRD-Group Societe Generale asthe biggest creditor by far, with 9.3 million euros (39.2 millionRON) to get back from Leonardo.
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