Adevarul Holding, a company currently in insolvency, owns close to Euro 100M, with the biggest creditor being a company controlled by someone close to Burci (that now owns Adevarul) but also BCR, Pro TV, Kanal D and other numerous companies. Adevarul Holding has total debts of Euro 94.2M, with Elida Media having the biggest amount to receive, over Euro 50M.
Among the creditors, there are companies owned by Dinu Patriciu such as Mediapoint (Euro 10.5M), group’s media sales company, Odyssey Communication (also in insolvency and that has close to Euro 4M to get back from Adevarul), Mic.ro (Euro 3.5M) and Adevarul Imobiliar.
Adevarul is also owning money to BCR (Euro 6.7M), OTP Bank (Euro 2.5M), Pro TV (Euro 992,000), Dogan (Euro 153,000), Premium News (Euro 400,000) and Romanian Tax Authorities (Euro 3.5M). The company owns money also to Domino Production, Romtelecom, Orange, IMAS, Fan Courier and Rompetrol Downstreet.
Money owned to employees
Among the employees (that have around Euro 186,000 to recover from the company), Peter Imre has the most to receive, while Oana Barbu, former HR director, being in the opposite situation (has money to give back to the company).
Peter Imre, that leaded the company during last couple years, has to recover Euro 15,000 from Adevarul. According to debts lists, Imre received RON 230M as salary for September 2012 and RON 337M for October.
Oanei Barbu, former HR director, owns Euro 13,200 to Adevarul Holding, money accumulated as she took her salary money in advance. According to the list, Barbu’s salary for October 2012 was of RON 127M.
In total, the amount Adevarul Holding owns to its employees is of Euro 186,000.
More detailed lists related to money Adevarul owns are available here.
First meeting of Adevarul’s creditors, leaded by a liquidator paid Euro 10,000 per month
Adevarul Holding’s creditors met for the first General Assembly, with around 20 people present at the meeting organized at Rin Central Hotel Bucharest. During the meeting, the Creditors’ Committee was elected and it includes representatives from BCR, Elida Media and Red Media Digital SRL. After electing the 3 members, the vote stopped, although, according to Paginademedia.ro’s info, Pro TV SA also wanted to be part of the committee. Elida Media was elected president of Creditors Commitee.
Some of the creditors present at the Assembly said that Elida Media and Red Media Digital are controlled by Adevarul Holding, as Elida Media is owned by Razvan Enache – an old collaborator of Cristi Burci, the new Adevarul Holding owner.
The judicial administrator Servicii de Reorganizare și Lichidare IPURL (Reorganization and Liquidation Services IPURL) will have a salary of Euro 10,000, no VAT. A success fee of Euro 300,000 no VAT was established, if a reorganizing plan gets approved.
The salary was negotiated by Elida Media with the judicial liquidator and voted afterwards.
Some of the creditors present at the Assembly disputed the legality of the General Assembly, because Elida Media and Red Media are controlled by the company that’sin indolvency and because the debts table should have been communicated earlier.