“Most of the time, these cases are provocative actions and are not meant to make a company go bankrupt. However, a judge decided that a Metro debt was certain, liquid, and exigible, exceeding RON 10,000 (€2.720), and older than 30 days, ruling insolvency proceedings,” the President of the National Union of Insolvency Practitioners (UNPIR), Arin Stanescu, said.
Metro officials said “there is commercial litigation between Toneli Holding and Metro Cash&Carry Romania” because of bills not paid on time, according to Metro Group’s Head of Representative Office, Delia Cucu. She added that the company will appeal the ruling, after it is communicated to the company in accordance with current legislation. “The insolvency or bankruptcy of Metro Cash&Carry Romania is definitely out of the question, as this division of Metro Group posted business worth €1.6 billion in 2007,” Cucu added.
Toneli Holdings representatives said Metro owes them a large amount of money, but declined to provide further details.
