Bucharest Court House admitted opening the general insolvency procedure for Adevarul Holding SRL, as Mediafax writes. The instance set March 12 2013 as term when the procedures on company’s insolvency will continue.
Adevarul Holding asked to enter insolvency as the media trust was recently taken over Cristian Burci from Dinu Patriciu.
In this moment, the biggest creditor of Adevarul Holding is Elida Media, owned by Razvan Enache (95%) and Dragoş Dumitru(5%). Razvan Enache worked with Cristi Burci when the 1st was programs director at Prima TV, during the period the channel was owned by Burci.
The debt Adevarul has to Elida Media is, according to the papers presented to the court, of RON 305M (around Euro 68M).
The amount accumulated as debt by Elida Media represent debts it took over from more companies controlled by Dinu Patriciu - East European Media, DP Holding, Mercadia and Finite Assets.
Another important creditor is Romanian Commercial Bank, that lended Adevarul Holding around Euro 6.5M. Besides that, the employees from Adevarul Holding also join the creditors’ group.
Adevarul Holding was taken over by Cristi Burci from Dinu Patriciu in the start of October, with the transaction waiting for Competition Council’s ok.
Adevarul Holding SRL shareholders are East Europe Media Distribution SRL (0.07%) and Premium News SRL (99.93%), according to the data from Commerce Registry Office
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