Several weeks after PIC hypermarket network filed forinsolvency, Ilie Penescu says the only things he can do now to savehis business is to persuade suppliers to resume their deliveriesand find buyers for PIC assets.
"Everything depends on suppliers: should they not resume deliveriesto Pitesti and Craiova hypermarkets, we will have to close them.Shelves for electronics are empty at this moment, which is hurtingour client traffic. We're now procuring only by paying on deliveryfor products, but we want to resume procurement with normal paymentterms," Ilie Penescu stated.
Penescu brothers' production business and the construction firmthey hold in Pitesti are also included in the insolvencyproceedings, being integrated, besides the hypermarket network, inPIC SA group.
PIC holds debts of around 60m euros to banks, suppliers andbusiness partners, according to the data previously provided by thecompany.
Two years ago, the biggest assets the group held at that moment,four hypermarkets with shopping galleries, were valued at 70-80meuros, with two of them being brought as a contribution to sharecapital. The group has been trying for several months to sell itsassets to raise cash, and Ilie Penescu says that several investmentfunds have voiced their interest lately in taking over PICspaces.
"We'd renounce everything that can be sold to get cash, but amidthe current market conditions we cannot find any buyers," Penescualso said.
"We ceased collaboration with PIC in March and at this moment thenetwork still holds debts to our company. Until these are paid off,we do not intend to resume collaboration," the representatives ofSupreme Group, Primola chocolate producer, told ZF.
Before filing for insolvency for the group with 150m-euro turnoverin 2008, Penescu brothers tried to reorganise the business and sellthe real estate assets of the network.
Two of the group's 5 hypermarkets are still operational now.
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