Bucharest court declares Romania's Adevarul Holding insolvent

The procedure was launched at the request of the company itself, Banca Comerciala Romania (BCR) and two local companies, Elida Media Consulting and Arena Advertising Key, the court said in a notice published on its website last week.

The court has appointed local insolvency consultancy Servicii reorganizare si lichidare IPURL as the judicial administrator.

The decision was due on November 6, however the hearings were postponed so that Elida Media Consulting submits the documents that support its request.

Adevarul Holding has reportedly passed into the hands of local businessman Cristian Burci. Burci said in an interview with daily Adevarul in September that he had agreed in principle to acquire the company but needed to negotiate the details. Burci said then that he planned to restructure the company by focusing on digital content. No official announcement of a transaction followed but several local media reported in early October that a deal was sealed.

The Adevarul portfolio comprises local daily Adevarul, the tabloid Click! and five magazines. The holding also publishes a daily newspaper in Ukraine.