The plan is to be negotiated with creditors over a two-month period.
“According to Court dispositions and the provisions of Law no. 85/2014 regarding insolvency prevention proceedings and insolvency proceedings, the submission of the plan is succeeded by a 60-day period for the negotiation and approval of the plan together with creditors, and, at the end of the period, the document will be subject to the official approval of the competent Court,” the report reads.
A Preventive Concordat Plan (or Preventive Settlement) is a Romanian legal procedure under Law 85/2014 allowing companies in financial distress, but not yet insolvent, to restructure debts and operations to avoid bankruptcy, involving a judicial administrator, creditor negotiation, a formal restructuring plan (e.g., debt reduction, operational changes), and court confirmation, which suspends creditor enforcement actions and offers a framework for business recovery,
Petal Husi has a market capitalization of RON11 million. Its shareholders include Instal Expert Bacau, with a 30% stake, brokerage company BRL Financial Group (24%), UMB Robinete Industriale (21%) and Bavaria Invest (11%).