Casa de Insolventa Transilvania handled EUR 800 mln debt last year

Casa de Insolventa Transilvania (CITR) managed companies whose debt reaches EUR 800 million last year, with assets of EUR 350 million, and will be distributing over EUR 200 million to creditors. The list of creditors increased more than three times in 2010 compared to 2009, while its client portfolio grew by 40 percent.

The CITR’s investments were EUR 450,000 last year as three new branches became fully operational last year – Bucharest, Timis and Brasov. This year, the CITR plans to continue the expansion policy with similar investment volume.

Thus, the CITR took about 90 procedures in 2010 of which 75 percent will enter the reorganization procedure. About 18 procedures are already in the reorganization period.

Regarding the company’s evolution, the CITR expects 2-fold increase in business administration over the next two years. The CITR managed up until now an estimated 500 cases of insolvency or voluntary liquidation for the entire country.

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