“The company is starting to re-consolidate its partnerships with suppliers and insurers and is in advanced negotiations with three other banks for a EUR15 million loan that will cover the company’s cash deficit, Polisano said in a press release Monday, adding financing contracts would be signed by the end of March.
Polisano got a EUR10 million loan from Eximbank in January this year, to fund working capital.
The company reached its turnover targets for the first two months of the year on the closed circuit distribution segment (hospitals), where it is market leader, and plans to raise its retail client numbers by 1,000 more pharmacies by the end of the year.
Polisano ended 2014 with an operating profit of around EUR7 million and a gross profit of EUR3 million. It had a turnover of EUR305 million.