Bucharest’s Appeal Court decided, a few days ago, to cancel the reorganization plan for Realitatea Media, approved on February 20th 2013.
If the new insolvency code would have been in effect now, Realitatea would have had its licence suspended.
The contestation over the reorganization plan was made by ANAF and E-Boutique KFT (owned by Elan Schwartzenberg), and the Appeal Court’s decision is irevokable.
What does the Appeal Court’s decision say:
It admits the contestations, admits them and cancels creditors’ meeting decision dated February 20th 2013. Removes the disposition on the confirmation of the plan. Maintains the rest of the sentence. Irevokable.
According to info obtained by paginademedia.ro, after this decision, the voting procedure and the reconfirmation process for the reorganization plan must be remade. The report of forces in the creditors committee will change. In September 2013, in another episode of the same Realitatea Media soap, the Appeal Court decided to diminish the debt owned to GMG Media Box (owned by Cozmin Gusa and Maricel Pacuraru) to RON 11,8M from RON 70,9M.
The difficult situation of the company does not stop here. Realitatea Media is criminally investigated for different illegal schemes involving money.
Translation provided by AdHugger
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