The Penes brand, owned by the Galli Gallo turkey, was acquired by Bravcod in a transaction worth EUR 20 million. The transaction was finalized by the CITR judicial administrator this summer, according to the reorganization plan approved by the creditors in the company’s insolvency procedure.
Galli Gallo recovered through a reorganization plan proposed and implemented by the CITR, through the trust of the main creditor, CEC Bank, and the business partner, Bravcod, who continued trading with Galli Gallo in the insolvency proceedings and acquired the business this summer. The company, owned by Catalin Muntean ask the protection of insolvency in 2013.
”The reorganization of Galli Gallo is a successful example for the CITR team in the recovery of a local business and the saving of a Romanian brand. We are glad that we have managed to build a bridge between the debtor and the creditors and that we have identified with them effective solutions for financial and operational restructuring of the company. We could not have done this without the confidence of the trading partner Bravcod and the majority creditor, CEC Bank, who believed in the proposed plan and in the future Galli Gallo, ”said Alexandru Tanase, senior partner CITR.
The reorganization plan proposed and implemented by CITR implied a successful business transfer of assets of the other two companies in the bankruptcy group, which led to an integration. Galli Gallo then went into operating profit through operational and financial restructuring on healthy principles, which made the company record positive EBITDA in insolvency proceedings.
”CEC Bank defines itself as an active supporter of Romanian projects that, by their nature, contribute to economic development, to creating and maintaining jobs. Peneş is a strong brand in which we believed, and which will continue to exist thanks to an effective plan to reorganize Galli Gallo, ” Radu Graţian Ghetea, president and general manager of CEC Bank, stated.
Galli Gallo, together with two other companies in the group, Avicola Codlea & Partners SRL and Broilerom SRL, entered into insolvency proceedings in September 2013.
STS Trading and Bravcod, controlled by Nicolae Stinghe, trading partners of Galli Gallo began discussions with the court administrator and the majority creditors to acquire the business owned by Galli Gallo. In 2017, the legal steps to confirm and implement the reorganization plan proposed by CITR for Galli Gallo were finalized and in 2018 the Bravcod transaction on the business transfer and transfer of all the core assets the Galli Gallo group held was completed.