Romania

Prima TV, a commercial TV channel owned by Romanian businessman Cristian Burci, entered insolvency after the Bucharest Court admitted the application for opening the procedure against the debtor, Romania-Insider reported. The court also appointed SMDA Insolvency SPRL as judicial administrator, reports local Mediafax. Prima Broadcasting Group SRL, the company that owns the audio-visual license of Prima TV, filed the insolvency request on August 6.

Romania seems to be receiving more than its fair share of attention — some good, some not so good. On the positive front, the economy, like others in central Europe that are plugged in to better German demand, is growing strongly. On the negative side, there are three main areas of concern. First, Romania is not immune to the problems in Greece, being principally affected through the banking system. There are four Greek-owned banks that are notably active in Romania, which together account for about 10 per cent of total bank assets.

Bakery chain Fornetti Romania, which has filed for insolvency in 2011, has fulfilled its obligations to the lenders, banks and partners included in the reorganization plan, according to its statement. The judicial administrators will propose closing the insolvency procedure in the next eight months, reports local Mediafax. The company estimates that it will increase its sales by 15% this year and will invest in modernize its stores. Last year, the bakery chain managed to stay on profit, and posted a EUR 22 million turnover. The company has 400 employees.

Oil company Rompetrol SA registered on May 28, at Bucharest Court, a request for insolvency. The company’s request is to be evaluated by judges from Bucharest Court on June 8, reports Mediafax, Business Review reported. According to the courts, the request for insolvency was submitted on the basis of Article 66, Law 85/2014 on insolvency prevention procedures and insolvency.

Romanian state-owned power producer Hidroelectrica will hopefully exit insolvency next year, Prime Minister Victor Ponta said on Wednesday, adding that the government aims to list an airport and Constanta port to strengthen the bourse. Last week Reuters reported that Hidroelectrica would not exit a court-administered insolvency process this year, as initially expected, due to lengthy legal challenges. The EU state's largest and cheapest power producer was pushed back into insolvency for the second time in early 2014, and is being run by a court-appointed manager.

Romanian state-owned electricity producer Hidroelectrica will not exit the insolvency process this year, as initially expected, due to lengthy court actions, the company’s legal administrator said in an interview with Reuters. Hidroelectrica has managed to reorganize its activity in the last three years and posted record profits in 2014 and the first quarter of 2015, but still has to solve its problems in court. “The court challenges are advancing very slowly,” said manager Remus Borza. He added the company still had 19 ongoing trials out of an initial 75.

Ten Airways (X5, Bucharest Baneasa) has filed for insolvency protection with a Bucharest court which, if granted on March 5, will allow the airline to restructure and resume operations. The carrier recently had its Air Operators Certificate (AOC) reinstated by the Romanian civil aviation authority (Autoritatea Aeronautică Civilă Română - AACR) roughly a month after it was initially revoked, the carrier's managing director Dumitru Pupescu has confirmed to ch-aviation. The Mediafax news agency reports the airline's largest creditors are its employees who are still owed outstanding wages.

Local retailer Succes, owned by the businessman Nicolae Sarcina, recently filed for insolvency, Romania-Insider.com reported. The company which posted a EUR 350 million turnover in 2013 and has 1,600 employees, will receive the court decision on its insolvency request on January 27, reports local Ziarul Financiar. Profi and Mega Image, two of the largest supermarket chains in Romania, are interested in taking over Succes stores.

Romania’s largest chemical producer Oltchim, majority owned by the state, will most likely exit insolvency this year. Its judicial administrators, RomInsolv and BDO Business Restructuring, will present the company’s restructuring plan in February, with hopes to have it approved by March, according to Mediafax newswire, Romania-Insider.com reported. Economy Minister Mihai Tudose met the judicial administrators, as well as representatives of the Oltchim employees union, on Tuesday, January 6. “The option to move to bankruptcy is excluded.

Mediafax Group, owned by media mogul Adrian Sarbu, has officially entered insolvency, according to the ruling of The Bucharest Court, after submitting an official request, Business Review reported. The Bucharest Court has nominated KPMG Restructuring as temporary legal administrator, with a fee of RON 5,000, according to paginademedia.ro. Mediafax Group requested its own insolvency on November 27. The company is being investigated under accusations of tax evasion and money laundry. Mediafax Group.