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Dec 14, 2009 15:29 EEST
BUCHAREST (Romania), December 14 (SeeNews) – A Bucharest court admitted on Monday an insolvency request filed by Romanian consumer electronics and IT products retailer Flamingo International, the company said.
The court also named RVA Insolvency Specialists as legal administrator of the bankruptcy procedure which was launched last week, Flamingo International said in a statement.
Flamingo’s shares were suspended from trading on the Bucharest Stock Exchange twice on Monday. Before the second suspension at 0940 GMT, its shares were traded down 14.75% at 0.0185 lei.
In November, the retailer signed an agreement in principle with the Romanian branch of ING Bank, one of its main creditors, for the restructuring of its outstanding debt worth 17.5 million euro ($25.7 million).
Last week, however, Flamingo commenced insolvency proceedings as negotiations over an additional debt write-off with ING Bank failed. The bank has refused to further write off Flamingo's debt and has launched an enforcement procedure against some of the company's outlets.
Flamingo reported a 35.4 million lei ($12.2 million/8.3 million euro) loss in the first nine months of 2009, up from 3.69 million lei loss a year earlier.
(1 euro=4.2469 Romanian lei)
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