Bankruptcy 
Around 75% of Romanian Pharmacies, on The Edge of Bankruptcy
Petru Craciun, director of market analysis of Cegedim, declared today that around 75% of the 4.000 to 5.000 Romanian pharmacies are close to bankruptcy, because they continued providing discounted and free medicine, despite having received no money from public health insurance houses. "We have repeatedly warned that 25% of pharmacies are barely running, and that was before sstatet payments were delayed last year. Cegedim has data about the condition and evolution of sales and we can confirm that, according to average monthly sales, 24% of pharmacies have high sales, 29% have average sales and 47% have sales below the national average," Craciun explained. French group Cegedim has a market share of 80% in Romania, providing data and marketing services for the pharmaceutical industry. Its main competitor is IMS Health. Normal 0 false false false MicrosoftInternetExplorer4... citeste mai mult
Bucharest Court Admits Flamingo's Bankruptcy Request
The Bucharest Tribunal admitted, on Monday, the insolvency request of IT&C retailer Flamingo International (FLA.RO) and named RVA Insolvency Specialists as judicial administrator. Last week, the Court approved the insolvency request of Flanco, one of the units of Flamingo International group. On the Bucharest Stock Exchange Monday, Flamingo shares were suspended from trading twice. Before the second suspension at GMT0935, Flamingo shares were traded at 0.0185 lei (EUR1=RON4.2477), down 14.75% on the day, at around GMT0933. citeste mai mult
Romanian Retailer Flamingo Files For Bankruptcy
Romanian IT&C retailer Flamingo filed for bankruptcy after one of it’s creditors, ING Bank, started Wednesday the foreclosure of certain inventories of the company. Early-November, the retailer signed a Memorandum of Understanding with ING Bank Romania, to restructure a EUR17.5 million loan, which was the first stage of the company's restructuring plan. "Despite intense efforts, the negotiations with ING failed, as Flamingo's request for a supplementary debt reduction was refused, and the bank decided to start today the foreclosure of stocks in certain stores," Flamingo International deputy general manager Adrian Olteanu said. Flamingo International was established 15 years ago and is one of the major players with over 80 stores countrywide. The retailer reported a consolidated turnover of RON269.1 million in the first nine... citeste mai mult
The European shield against crisis protects especially the eurozone
Pressed by the fall without precedent of the European stock exchanges and by the overall bankruptcy spectrum of the international financial-banking system, the European Union’s leaders want a joint strategy against crisis which to protect, first of all, the club of the countries from the eurozone.The details of this strategy aren’t for the moment clear, as it isn’t clear how determined are the states to really participate to the common effort for combating the effects that the world financial-banking crisis has on the European economies. Again, it isn’t known for sure if countries such as Romania or other new European member states will be “cached” in the rescue plans elaborated in common with the European Commission, European Central Bank and the occidental governments. Till now, every state has adopted individual measures of protection. Germany, Austria, Denmark and Great Britain have defied all restrains related to the limits admitted for that... citeste mai mult
FBI, following the influent guys on Wall Street
Among the structures taken in sight by the FBI, there are included the companies in financial difficulty, agencies such as refinancing of real estate loans, Fannie Mae and Freddie Mac, along with bank Lehman Brothers, which entered into bankruptcy on Sept. 11, and AIG – the worldwide insurer. They are the institutions that have triggered practically the large operation of rescuing the American banking plan of 700 billion dollars, prepared by George Bush’s administration and the Minister of Finance, Henry Paulson. Article translated by: NiC Translation Company Meanwhile, the "wonder" project hit the hostility of many American parliamentarians, to the desperation of world markets, which posted yesterday an increased caution, refusing any sudden movements. ”It will not work!" reacted the president of the Senate banking committee, the Democrat Christopher Dodd, to the 700 billion U.S. dollars plan meant to erase the questionable debts... citeste mai mult
Alitalia canceled ten flights on Otopeni airport
Ten Alitalia flights, departures and arrivals on Otopeni Airport were canceled yesterday. Passengers were taken over by other companies. In the afternoon the carrier returned to the cancellation of the evening flights, they following to be still conducted with Alitalia aircraft. According to the representatives of the company, today's flights were to be made in normal regime, less the one of Milan, at 8 o'clock. They announced the cancellation was made because of "operational reasons", while representatives of Otopeni Airport were informed that the cancellation was made because of "commercial reasons". Article Translated by: NiC Translation Agency Since the beginning of last week the company has announced that there are no more guarantees for carrying out flights, due to a lack of fuel. Alitalia company is near bankruptcy due to debts of 1.2 billion euros accumulated in the past nine years. Each day brings operating loss of approximately two million... citeste mai mult
The bankruptcy is waiting for many American banks
Some players from the international financial market sustain that in the subprime credit crisis, what was worse passed away. Others say that this has already ended. There are also opinions not by far so optimistic, which say that the bankruptcy of many American banks is expected from now on, the international financial crisis being far of having ended. These are expecting new negative effects of the crisis, which although haven’t manifested till now, they won’t delay to show up. The President of Federal Deposit Insurance Corporation (FDIC) from United States, Sheila Bair, recently stated that the banking bankruptcies associated with the depreciation of the real estate market from USA will involve also bigger credit institutions, Reuters announces. A number of banks, bigger every day, deal with exposure to the conditions in deterioration from the real estate commercial market, respective from the area of the mortgage credits. The incertitude of the economic... citeste mai mult
More creditors resort to bankruptcy in order to recover their money
Until the end of May were recorded 9088 bankruptcy files, in increase with 183% against the similar period of last year. This is a clear sign of Romania’s economical recovery. On one hand, this accelerated increase charges the court roll and it can direct to a procedural blockage. On the other hand, the situation will generate increased profits for the debts recuperators and official receiver. Starting with the data recorded in the registries of the Ministry of Justice and according to the court, until the middle of last month were recorded 9088 cases of bankruptcy, with 183 % more then in the similar period of last year, the Agency of collecting debts Urban and Asociatii notices. Last year were recored 15.118 bankruptcy files. If it will be maintained this rhythm of increase, Urban estimates that the current year could bring bankruptcies as for the years 2005 - 2007 cumulated. Profits for recuperators and official receivers The current year will bring a... citeste mai mult
