Spicul S.A. entered insolvency
Bread manufacturer and milling company Spicul S.A. owned by businessman Gheorghe Ilie entered insolvency in early September, at its own request. KPMG Restructuring was named judicial administrator, according to Mediafax. Spicul is a long-lasting brand in bread manufacturing industry with 160 years of history. The company had 100 million lei (23.7 million euro) debt, at the end of 2010. Its turnover reached only 15.4 million lei (3.6 million euro), according to Ministry of Finance website.
A conflict looming
Company’s investments grew since 2007, at almost the same pace as its debts which tripled. Gheorghe Ilie confessed that he “didn’t wanted to be remembered as Spicul grave digger”, referring to factory relocation from Grozavesti to Chitila. The new factory was opened in 2007 after a 30 million euro investment was made. It was one of the biggest investments in the industry.
But this was it! Bad news didn’t delay too much in showing. A Romanian subsidiary of Dutch developer Remco Ruimtebouw who participated in the construction of the new production unit in Chitila announced in July, this year, that Spicul still didn’t paid the whole costs for the building.
Spicul S.A. has to pay 785,161 lei to Remco Romania according to a decision of The Court of International Commercial Arbitration Court, at Chamber of Commerce and Industry. To this amount will be added the interest rates associated with the debt, as well as foreclosure costs and judicial spending.
Exclusiv - beneficiati acum de Oferta Speciala de mai jos:
3 culturi profitabile - Goji Merisoare Aronia
Fa-ti propria afacere cultivand trei arbusti miraculosi care te pot imbogati Cine nu a aflat de efectele absolut miraculoase pentru sanatate ale merisorului Dar de cele ale fructelor de Goji sau Aronia Si daca nu ai aflat inca iti spunem noi Aceste fructe mici sunt cotate ca super-alimente fiind unele dintre cele mai...
“We worked very well with Spicul representatives during bread factory foreclosure and we are very disappointed that we ended up in this conflicting situation. Remco Romania complied with the signed contract and finished the construction by the dead-line. We wish to collect the total amount agreed in our contract and we don’t want to wait another year or two for settling this case”, said Jan F.J. van Vulpen, CEO of Remco Romania.
Did you liked this article? Send it to your friends too!
Votati articolulNota: 5 din 1 voturi
- » Daniel Daianu: Romanian agriculture should to be very profitable
- » Bulgarian media: Dutch Minister of Immigration was accused of corruption in Bulgaria
- » Stanciu or Vaida for Secretary of State for Agriculture
- » Potatoes yield in Salaj is double this year compared with 2010
- » ROMANIA: For the first time corn is more expensive than wheat