“(The two networks) cannot be reorganized,” RVA Insolvency co-manager partner Otilia Milu told MEDIAFAX, adding talks held with several Romanian and foreign companies, for the sale of the two retailers, failed.
According to Milu, selling was the only option for the two chains, since their bank accounts were empty and shareholders would not invest anymore.
“At the end of April or early May, we will discuss the bankruptcy with creditors, and the procedure could start within 2-3 months,” Milu added.
If creditors reject the bankruptcy, they will have to come up with a reorganization plan.
“In the end, (the chains) will go bankrupt either way,” Milu said.
The liquidator official did not wish to make public the debts owed by Mic.ro and miniMax.
According to RVA data, Mic.ro has over 1,000 creditors, while miniMax Discount owes money to some 800 creditors.
According to people close to the matter, the Mic.ro Retail representative said in court that Mic.ro owes a total 698 million lei (EUR160 million).
Aside from the debts owed to suppliers and landlords, the two chains took out loans worth more than EUR45 million from banks over the past year and a half. Lenders crediting the retailers included BCR with EUR13.2 million, Unicredit Tiriac Bank with a total EUR19 million, BRD-Groupe Societe Generale with EUR5 million and Raiffeisen Bank with EUR10 million.
The two networks, owned by businessman Dinu Patriciu, included 830 Mic.ro stores and 50 Macto and miniMax units in the fall of 2011.