Romanian news agency NewsIn entered bankruptcy, according to a decision made by Bucharest Court House on January 14th. The Court House decided to dissolve Newsin Media company and to seal the goods of the company.
How did NewsIn got bankrupt?
NewsIn “was declared bankrupt as it didn’t manage to insure the income needed to continue its activity and because Realitatea Media didn’t take a decision on the
reorganization plan proposed by us. Most of company’s debts were owned by Realitatea Media and the restructuring plan couldn’t be vote as a consequence of frequent changes of the judicial manager of this company during the last year”, Silvian Gavenea, representative of NewsIn’s judicial manager, said, for Paginademedia.ro.
According to Gavenea, NewsIn Media’s debts were of RON 12.9M (Euro 2.8M), from which RON 9.7M (Euro 2.1M) were represented by debts towards Realitatea Media.
The 30 employees of the news agency will be fired and company’s goods will be sold in an auction. The NewsIn brand remains Realitatea Media’s property.
NewsIn entered insolvency in March 2012.
Romanian news agency NewsIn was launched in July 2006, at that moment under the leadership of Andreea Rosca, that was General Manager, and Valeria Dorneanu, editor in chief. In January 2010, NewsIn underwent a radical change that also involved personnel cuts, with 30 employees remaining from a previous total of 100.