The company had total debts of around EUR50 million and 565 employees at the end of 2012, while its revenue stood at EUR86 million.
Rami Ghaziri was remanded in custody in late 2013 as he was involved in a EUR70 million tax evasion scandal together with several businesspeople, including Iustin Paraschiv, another meat industry entrepreneur.
The petition for insolvency was approved by Dambovita Court of Law on January 21, 2014. Casa de Insolventa Transilvania (Transilvania Insolvency House-CITR) was appointed as the company’s interim trustee. CITR representatives said the list of claims and creditors would be drawn up in the next two weeks. Avicola Crevedia officials did not comment on the information by the time the story was ready for posting.
Avicola Crevedia holds poultry farms and a slaughterhouse, and Agroli group also owns Avicola Tartasesti and a livestock feed plant.
In late 2012, Avicola Crevedia debts accounted for 57% in revenue, down from 2009, when the indebtedness level reached 71%. Moreover, in 2008-2012, the company did not post losses and added 66 employees to its headcount.
The producer does not stand alone in the industry, considering Agricola International Bacau, ranking second on the market, had a 65% indebtedness level, Avicola Buzau operated with a 85% rate and Ave Impex Satu Mare’s debts amounted to 89% of its revenue.
The group’s insolvency comes, though, less than five months after Rami Ghaziri, founder of Agroli group, was remanded in custody.
Avicola Crevedia was the second largest poultry exporter of Romania in January-November 2013, after Aaylex Prod, owner of Avicola Buzau.
In mid 2013, Rami Ghaziri told Business Magazin that exports accounted for 65% of revenue and that Netherlands and Germany were the most important markets for his business.
The Lebanese investors had been doing business in Crevedia for eight years before going insolvent. They started in 2006, when they entered the domestic poultry industry.
Avicola Crevedia has an over 50-year history and is the first poultry producer and processor set up in Romania.
(English version by Catalina Apostoiu)