Dairy maker TRD-Tnuva Romania Dairies and TRM-Tnuva Romania Milk, another company in the group, specializing in raising cattle, filed two insolvency requests on January 6.
“The insolvency requests will be tried on January 24 and February 21, respectively,” Ilfov court spokesperson Alma Manuela Ciornei told MEDIAFAX.
Tnuva Romania, part of Israeli group Tnuva, filed for insolvency on January 6, reportedly because of piling up losses. The first court date was Tuesday, January 10.
People close to the matter told MEDIAFAX that Tnuva notified its suppliers of the situation in the beginning of the week.
In 2009, the company reported sales of some 90 million lei (EUR21 million) and a net loss of more than RON95 million. A year later, Tnuva narrowed its loss to RON64 million, on sales of RON71.8 million. The dairy maker laid off some 130 employees in 2010 and it began 2011 with a staff of 165 people, according to Finance Ministry data.
Tnuva entered Romania in partnership with the European Bank for Reconstruction and Development, which funded the group’s local operations with EUR15 million.