The measures aimed at generating cash surplus target, among others, the continuation of the company’s current activity, the sale of surplus assets, the capitalization of a 2.5- hectare land located in Oradea by turning it into an auto shop, as well as attracting one or several investors, shareholders or creditors – as an alternative measure, if the case may be, depending on the results registered by the company during the first year of the reorganization plan.
Leonardo’s creditors are BRD, Unicredit Tiriac Bank, RBS, Bancpost, Banca Italo – Romena and the local tax authority in Oradea.
In the second half of 2009, the company had debts of EUR100 million and entered insolvency citing lack of demand on the Romanian market and declining sales.
The year before entering insolvency, in 2008, the retailer had over 200 stores in the main urban areas in Romania, Hungary, Bulgaria, and the Republic of Moldova, over 3,000 employees and a turnover of RON500 million.
In 2012, Leonardo had a turnover of RON219.7 million, a loss of RON27.7 million, and had around 1,100 employees.
Leonardo’s main competitors are German retailer Deichmann and Polish retailer CCC.
Leonardo is owned by Oradea-based businessman Florin Panea.