Under the plan, the company will have to pay 55% of its debts to creditors out of a total of RON60 million.
“We are confident that, together with creditors, we will be able to help the company apply its reorganization plan and exit insolvency within maximum three years,” Bogdan Gorde, associate of CITR Bihor, which is Frigoexpres’ judicial administrator, said in a press release Monday.
Creditors approved the application of the reorganization plan over a period of 36 months, starting December 2014.
Frigoexpres is one of the largest cargo shipping companies in Romania, with a turnover of over EUR12 million and losses of EUR3.6 million in 2013. The company has partnerships with some of the largest producers in the meat, dairy and fruit and vegetable industries and delivers merchandise to the biggest hypermarkets in the country.