Asesoft takes over Flanco, injects capital of EUR 4mln

Asesoft will take over the major share package of IT&C retailer Flanco. The new major shareholders of Flanco from now on will be Iulian Stanciu and Sebastian Ghita, shareholders in Asesoft.

The two shareholders will inject new capital of EUR 4 million over the next period, this being necessary for the development of the Flanco business. The transaction has yet to be approved by the Competition Council before it takes place.

“Flanco is for us an investment, an opportunity. The present situation of the company makes us confident that we will be able to develop the Flanco business profitably, as this is one of the most renowned brands on the local electroIT market. The decision to invest in Flaco is a natural one for the development of our group of firms, completing with classic retail our presence in online retail and distribution,” said Stanciu.

Also, within 6 months, the banks where Flanco had outstanding debts will receive EUR 10 million, a sum which is mentioned in the reorganization plan.

The Flanco insolvency case was managed by Casa de Insolventa Transilvania, this being the first high profile insolvency process that is completed in Romania.

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“Finalizing the Flanco reorganization in just 12 months from the launch of the insolvency procedure is a first, especially since we are dealing with retail, an economic sector that was extremely affected by the crisis. At this point, the new shareholders are taking over a profitable business, with a significant growth potential,” said Andrei Cionca, Managing Partner in Casa de Insolventa Transilvania.

 Otilia Haraga