The court appointed BDO Restructuring as external manager at insolvent online retailer Elefant, rejecting the nomination expressed by the largest creditors, Patria Bank and Evomag (Evolution Prest Systems), according to Ziarul Financiar.

The courier company Cargus is a creditor as well (EUR 3 million) and backed the proposal submitted by the smaller creditors.

The two largest creditors are claiming together just over RON 30 million (EUR 6 million) of the total of RON 46.6 million (EUR 9 million) owed by the insolvent company. They opted for CITR Bucuresti to serve as an external manager.

The court based its decision on the greater experience of BDO Restructuring.

Smaller creditors are Fribourg Capital (controlled by Moldovan entrepreneur Ion Sturza) and publishing house Litera (50% controlled by Dan Vidrascu). Sturza and Vidrascu are members of Elefant’s four-seat managing board. 

iulian@romania-insider.com

(Photo source: the company)