Octavian Radu, owner of the RTC group, which includes severalcompanies operating on the courier, transport, fashion, realestate, and book market, with 130 million euros in turnover lastyear, says he has run out of financial resources in his attempt tosupport his businesses after two of the group's biggest companies,Diverta and TCE Logistica, went insolvent.
"I have an account abroad, but no money in it. The millions havedried up," says the owner of Diverta, adding however that he doesnot think he will end up living off a salary, but does not havemoney set aside.
At the end of last year, Rasvan Radu, executive president ofUniCredit Tiriac Bank told ZF many Romanian business owners weremainly concerned about preserving their living standards,preferring to file for insolvency rather than come up withadditional money.
"If I had the money, I knew what to invest it in," answers OctavianRadu, adding that bankers' statements seem to him "idleaccusations".
"All my friends are now asking me how I am doing, if I feeldepressed. My life has changed a lot, meaning that reality isbleaker, but life goes on. We basically just do our job in adifferent environment now. Some adjustments are made smoothly,others not so smoothly in business, insolvency is one of thelatter," added the Diverta manager.
A few weeks ago, book retailer Diverta, with 10 million euros indebt and 30 million euros in turnover in 2009, as well as couriercompany TCE Logistica, with 8.5 million euros in debt, wentinsolvent, and are set to undergo restructuring.
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