Drug distributor Polisano, the largest company of the Romanian group Polisano, will disappear from the market, as its creditors accepted last Friday to ask for its bankruptcy in court, at the proposal of its judicial administrator, reports local Profit.ro.

The court will rule on this request at the end of January.

Polisano was among the top 3 drug distributors in Romania until three years ago. The company’s decline started in 2014 after the group’s owner, Romanian doctor Ilie Vonica, committed suicide and his wife was charged in a case on false prescriptions. The main argument for bankruptcy was that the company hasn’t made a reorganization plan to remain on the market.

In September, the company entered insolvency, despite some complaints filed by creditors against this form of protection. The judicial administrator came up with several arguments to justify the company’s bankruptcy: the decrease in the firm’s operations, the significant losses in the last years, the loss of its position on the drug distribution market, and the lack of external financing sources.

The Polisano group sold its network of 78 drug stores to Sensiblu in September. The group also owns a drug factory, a private clinic network, and a hospital in Sibiu.

editor@romania-insider.com