Bucharest court declares Carrefour Romania insolvent

The insolvency procedure was launched at the request of Romania's GSL Logistic, the court said in a notice published on its website last week.

The court appointed Rodicom IPURL and Expert Insolventa SPRL as the retailer's judicial administrators.

Carrefour Romania's debt to GSL Logistic totals around 800,000 lei ($246,500/179,400 euro), financial daily Ziarul Financiar said on Tuesday quoting unnamed sources. The daily added that the retailer has already paid off its debt and requested that the court's decision be suspended.

Carrefour Romania, the Romanian unit of French retailer Carrefour, operates 25 hypermarkets, 78 supermarkets, 56 Carrefour Express convenience stores and an online store (www.carrefour-online.ro).

(1 euro = 4.459 Romanian lei)