The transporter went insolvent three years ago, a little while after the death of founder Alin Popa in a car crash, which goes to show how fragile Romanian businesses are that rely only on one man to run them.
The starting price for the assets up for auction is more than EUR8 million, excluding VAT.
The reorganization plan submitted by Rovigo SPRL was approved early this year and the actions in it include boosting asset utilization ratio, sale of the unused assets, improvement of operating efficiency and finding a strategic investor or partner for the business, the court-appointed trustee said in February.
The assets auctioned on July 3 also include two servicing facilities in Deva and Timis, as well as 283 tractor units, 114 semi-trailers, 6 tanks and 7 cars not needed for the carriers’ core business.
The truck fleet of the transporter peaked at 1,250 trucks in 2007-2008 and shrank to merely 250 at the beginning of 2015, ZF has found.
The leader of its market before going insolvent, edy Spedition has seen a significant decline in the last few years, so its 2014 revenue was only one sixth of the 316 million lei (EUR70.4 million) revenue of 2011. Its 2014 revenue stood at RON54.5 million, slightly lower than in 2013, while losses amounted to RON42.7 million, 8.5 times higher than in the previous year. (EUR1=RON4.4881)
(English version by Loredana Fratila-Cristescu)