Flamingo officially set to go into insolvency

Home appliances and information technology retailer Flamingo International (FLA) on Monday officially announced it will go into insolvency, with the company’s request to be protected before the creditors having been approved by the Bucharest Court.

The RVA Insolvency Specialists was entitled legal administrator. Initially, last Wednesday, according to Ziarul financiar daily, the company had announced his request for sending its main subsidiary Flanco International SRL, a company operating the Flanco and Flanco World stores, into insolvency, a request that got he approval of the Bucharest Court. Flanco International named Transilvania Insolvency House as the legal administrator.

The Flamingo shares saw a sharp drop by 15 percent in the very same day, after which they were suspended from trading until the situation was to be set clear, in the context the Flamingo managers were considering sending into insolvency all the group’s companies, after ING Bank notified it was to start executing the guarantees for credits worth 17.5 million euros granted to Flamingo.

The Flamingo shares were back on the BVB on Monday for only fifteen minutes, during which time they fell 15 percent, down to a historic minimum of 0.0185 lei. The capitalization of the company dropped down to 3.4 million euros.

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