“According to the company’s reasoned opinion, the request to open insolvency proceedings is devoid of object, considering that the value the account receivable (A/R) held by Miller Centre SRL against Elefant.ro is below the threshold-value regarding the minimum amount of the A/R required for the introduction of the request for opening insolvency proceedings, given the provisions of article 5, paragraph 72 of Law no. 85/2014 regarding insolvency prevention procedures and insolvency proceedings. Thus, the court is expected to release its decision concerning the request that makes the object of case no. 23315/3/2023 at the first court hearing scheduled on October 27, 2023”, according to Elefant representatives.
The minimum amount regarding the introduction of the request to open insolvency proceedings is RON50,000, both for creditors and for debtors, under valid laws.
Established over 30 years ago in Brasov (central Romania), Miller Centre is currently administered by entrepreneurs Dragos and Gheorghe Comaniciu, the co-founders of local dairy producer Delaco. In 2018, the company acquired the Magnolia shopping center in Brasov for EUR4 million.
Miller Centre is engrossed in leasing and subleasing own or rented real estate goods. The Group had a net turnover of RON6 million and a profit of RON1.8 million in 2022, while expenses totaled RON4.2 million, as per finance ministry data.
Elefant’s RON17.5 million worth of bonds maturing in November 2026 were listed on the Multilateral Trading System of the Bucharest Stock Exchange in early 2022, under the ticker symbol ELF26.
The Group is one of the largest online retailers in Romania, with more than two million customers, a marketplace with more than 400 de companies and a portfolio of almost three million products. In 2023, EvoMag, with the support of Catalyst Romania Fund II, became a majority shareholder of Elefant after acquiring the ownership stake held by Fribourg Investments.