Montero's reorganisation plan: 80m-lei debts are unsecured, suppliers say they are not getting anything

Montero drug distributor, controlled by the Tudorache family, which last year went insolvent following petitions from several creditors, has proposed a reorganisation plan, which also includes the list of creditors, with the plan saying more than 220 entities have over 120 million lei (nearly 30 million euros) to recoup.

"Under Montero's plan, unsecured creditors receive nothing. The money goes to banks, for the payment of salaries and of debts to the state," said Dragoş Damian, CEO of drug manufacturer Terapia Ranbaxy. The Cluj-based producer has to recoup around 16.8 million lei (4.2 million euros) through its distribution division, an amount which, according to Damian, also includes penalties. The sum also shows in the list of creditors published on the website of Fineco Insolvency, the judicial administrator that handles Montero's insolvency. Asked if he will vote in favour of this plan, Damian answered: "It is normal for me to expect to collect this money."

ING Bank, over 70 employees, the state and drug suppliers are Montero's main creditors.

"The plan or a version of it will be approved or not," said Radu Tudorache, Montero's administrator. He did not provide further information on the reorganisation activity.