“The reorganization plan includes improving asset utilization (…) improving operating efficiency by cutting indirect costs and by increasing profit margins, improving working capital by securing supplier credits and attracting an investor or strategic partner to take over the business,” Rovigo SPRL representatives said.
The Edy group went insolvent in the summer of 2012, several months after the death of founder Alin Popa, following a petition from ING Bank and the private equity fund Westerham Holding (run by Horia Manda), which owns 17.5% in Edy Spedition. Alin Popa held the controlling interests in the company before the insolvency.
Edy Spedition has 283 trucks, about 250 of which are in use, and posted some EUR15 million revenue in 2014, market sources say, up from EUR12.8 million in 2013.
The carrier’s fleet went down from a peak of 1,250 trucks in 2007-2008 to 280, almost as many as it had in 2002. The revenue of edy International Spedition in the year it went insolvent, 2012, was 37% lower than in 2011, reaching EUR47 million, according to Trade Registry data.
“Whatever solution will be implemented, the priority remains the same: streamlining operations, improving competitiveness and keeping or even boosting jobs. The company has been paying all its current debts on schedule, including taxes,” the representatives of the court-appointed trustee said.
Customers include Rigips Saint-Goban Romania, Ursus Breweries – SABMiller, Tenaris – Silcotub Romania, Coca-Cola Hellenic and Procter&Gamble Romania.
(English version by Loredana Fratila-Cristescu)