Radu Enache, owner of Continental, one of the biggest Romanianhotel chains, which operates 1,890 rooms, maintains that althoughduring the hotels' operation he set up reserves of several millioneuros from share capital and from other sources in a bid to offsetlosses, the basket is set to become empty at a certain moment.
The group Enache runs finished last year with 22.4m-euroturnover and financial losses of 4.8m euros, according to theRomanian entrepreneur. "Fiscally, we're in the red, but in terms ofbalance sheet, we're doing well," said the businessman, explainingthat debt restructuring led to losses.
The businessman maintains the indebtedness level of the group heruns amounts to 35% in the value of the assets, which he puts at520m lei (130m euros).
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