Two Relad companies totalling 350m-euro turnover together file for insolvency
Autor:
Ioana David
08.12.2010
One of the biggest pharmaceuticals distributors in Romania,
Relad, has legal problems caused by a second company, Relad
Internaţional Pharma, which filed for insolvency last week.
Therefore, after the insolvency filing of Relad Internaţional (206 million-euro business in 2009), in response to the tensions in its commercial relations with major pharmaceutical producers, Relad Internaţional Pharma (170 million-euro business in 2009) filed for insolvency, as well.
In the latter case, the Bucharest Court of Law ruled for the starting of simplified insolvency procedures, and appointed Edge Business Restructuring Advisors based in Bucharest as liquidator, according to the information available on the Court's website.
Relad officials declined comment on this when asked by ZF, saying they would make a statement only when they had something to say.
Arin Stănescu, chairman of the Insolvency Practitioners Union, explained to ZF that simplified insolvency procedure for a company means bankruptcy procedure, which leaves no other option than winding-up, according to the legislation in force.
In Relad Internaţional's case, a company with 874.6 million RON (206 million-euro turnover), both the management and several creditors petitioned for insolvency, with a court ruling expected soon, after a number of delays. Relad Internaţional Pharma posted 168 million euros in turnover last year, while losses stood at 8.2 million euros and the number of employees reached 240 people.
Therefore, after the insolvency filing of Relad Internaţional (206 million-euro business in 2009), in response to the tensions in its commercial relations with major pharmaceutical producers, Relad Internaţional Pharma (170 million-euro business in 2009) filed for insolvency, as well.
In the latter case, the Bucharest Court of Law ruled for the starting of simplified insolvency procedures, and appointed Edge Business Restructuring Advisors based in Bucharest as liquidator, according to the information available on the Court's website.
Relad officials declined comment on this when asked by ZF, saying they would make a statement only when they had something to say.
Arin Stănescu, chairman of the Insolvency Practitioners Union, explained to ZF that simplified insolvency procedure for a company means bankruptcy procedure, which leaves no other option than winding-up, according to the legislation in force.
In Relad Internaţional's case, a company with 874.6 million RON (206 million-euro turnover), both the management and several creditors petitioned for insolvency, with a court ruling expected soon, after a number of delays. Relad Internaţional Pharma posted 168 million euros in turnover last year, while losses stood at 8.2 million euros and the number of employees reached 240 people.