Online retailer of furniture and home decorations Vivre Deco, the first bond default at the Bucharest Stock Exchange (BVB), secured support for its recovery plan from creditors accounting for only 21.12% of the total value of claims until the February 6 deadline – versus a 30% target according to a document consulted by Ziarul Financiar.

The pre-insolvency procedure expired on February 7, and in principle, the creditors can ask for the company’s insolvency.

Confident that the 30% target, which would result in the implementation of the proposed recovery plan, is achievable, Vivre Deco requested in court a 30-day extension.

Under the second restructuring plan, the bondholders would receive 15% of their money within four years and the creditors 16% of the company’s shares to compensate for the lost money. But Alpha Bank Romania, which holds nearly EUR 3 mln of Vivre bonds (out of a total of EUR 7 mln), refused this offer. Banca Transilvania, another important bondholder, reportedly refused as well.

Vivre is owned by local entrepreneur Calin Fusu (51.8%), Oliver Cadogan (43.4%) and Nagy Vajda Andras Peter (4.8%).

andrei@romania-insider.com

(Photo source: Dreamstime.com)