A ruling on the bankruptcy of K Tech Ultra Pro, the largestIT&C retailer three years ago, is expected this week, after thelawyers' petition was discussed yesterday, Geanina Oancea, partnerwith BDO Business Restructuring SPRL, the company's court-appointedadministrator, told ZF.
"Our proposition for K Tech Ultra Pro to be declared bankrupt wasdiscussed today (yesterday i.e.), and a court ruling is expectedshortly. We will probably have an answer this week," Oancea toldZF.
K Tech Electronics, the company founded by spouses Alina andCristian Fughina had accumulated 28 million euros in debt to 84creditors. The collapse of the retailer at the end of last year,after it had over 80 million euros and almost 700 employees at onepoint, had various causes, among which the management's inabilityto adapt its strategy to the market decline, exposure to foreignexchange risk and dependence on foreign funding.
K Tech Electronics posted 312.86 million RON (84.9 million euros)in revenues in 2008. The company's revenues were significantly hurtin the first six months of 2009, when they amounted to just 56.04million RON (13.5 million euros).
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