Montero, the first major pharmaceutical industry distributorthat went insolvent early this year, reached an business volume of15% of the level of 2008, when it posted turnover worth 74.5m eurosand several tens of employees compared with over 500 people twoyears ago. Fineco Insolvency, the legal administrator handlingMontero insolvency, is working to finalise the list of lenders,which, once approved, will be followed by a restructuring programmemeant to get the firm out of the difficult situation it is now in.Florin Cristica, managing partner with Fineco Insolvency. Hespecified data referring to the level of debts and main lenderswere preliminary ones. On the table of Fineco Insolvency, Monterofile is the biggest, out of a total of 150 cases generating annualturnover of almost one million euros. The hundreds of pages, thetables and calculations point to a level of debts of 122m RON (29meuros) and the list of those being owed money include over 70employees, as well as banks and the state. "It is on therelationship with suppliers that their rebound will be based,"Cristica says.
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