Montero drug distributor, controlled by the Tudorache family,which last year went insolvent following petitions from severalcreditors, has proposed a reorganisation plan, which also includesthe list of creditors, with the plan saying more than 220 entitieshave over 120 million lei (nearly 30 million euros) to recoup.
"Under Montero's plan, unsecured creditors receive nothing. Themoney goes to banks, for the payment of salaries and of debts tothe state," said Dragoş Damian, CEO of drug manufacturer TerapiaRanbaxy. The Cluj-based producer has to recoup around 16.8 millionlei (4.2 million euros) through its distribution division, anamount which, according to Damian, also includes penalties. The sumalso shows in the list of creditors published on the website ofFineco Insolvency, the judicial administrator that handlesMontero's insolvency. Asked if he will vote in favour of this plan,Damian answered: "It is normal for me to expect to collect thismoney."
ING Bank, over 70 employees, the state and drug suppliers areMontero's main creditors.
"The plan or a version of it will be approved or not," said RaduTudorache, Montero's administrator. He did not provide furtherinformation on the reorganisation activity.
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