“The financial restructuring is a wide process, which can include several options. It is a puzzle where everyone is placing a piece. Until we reach an agreement, we do not know the solutions,” the retailer’s owner and President, Dan Ostahie, said.
Rescheduling debt to banks is a significant feature of the financial restructuring process. “We had turnover worth €344 million and €50 worth of debt. Sales declined since the beginning of the year, debt must be restructured,” Ostahie added.
When asked about the possibility to sell part of the company, he said: “If selling helps company capitalization, it is a healthy thing. There is no way to say when the market bounces back, so extra-capital provides more security,” Altex owner stressed.
The local household appliances, electronic and IT products retail market was severely impacted by the economic crisis, along with the real estate and auto markets. In the first half of 2009, sales plunged as much as 50 percent year-on-year, according to Altex officials. Other major players on this market are Flamingo and Domo.
