Principal Company, producer of Matache Macelaru and Salontacharcuterie brands, is out of insolvency after a ruling by theBuzau Court of Law in favour of the charcuterie producer.
However, the creditors have ten days to file an appeal againstthe court's ruling.
"Signus (the Principal Company shareholder) sought to take onthe debt owed to the creditors, and was able to do so in the caseof some of them. The court of law closed the insolvency proceedingsdespite opposition from one of the nine creditors that asked foropening of insolvency proceedings. However, the creditors canappeal this ruling," said Razvan Zavaleanu, managing partner ofprofessional reorganisation and liquidation company RTZ &Partners, adding that Principal Company had debts to over 200companies.
At the beginning of March, the Buzau court decided to openinsolvency proceedings in the case of Matache Macelaru and Salonta,as a result of debt accumulated with five creditors, who were thefirst to ask for the company's insolvency.
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