The company’s main creditor is OTP Bank, the local subsidiary of the Hungary’s leading financial group, which has to recoup EUR46.5 million from Atlas, nearly 70% of the telecom operator’s overall debts.
Orange Romania has nearly EUR3 million to recover. Orange was at some point interested in acquiring Atlas Telecom, but the deal fell through because the French company imposed very tough takeover terms, according to Global Money Recovery.
Atlas still has chances of recovery, although the company’s turnover fell to EUR1.4 million in 2010, says the court-appointed administrator, who relies on the fact that the operator’s network is popular in several cities in Western Romania.
Atlas Telecom was founded in 2000 by Pompiliu Tripa in Oradea, the birthplace of RCS&RDS, the largest telecom company held by a Romanian. Tripa and RCS&RDS owner Zoltan Teszari reportedly worked together for a while, but later broke off relations. “I regret having taught Teszari so many things,” Tripa allegedly said at one point, according to the local media.