Medeus declares insolvency due to liquidity problems

Newsroom 07/12/2009 | 14:20

The producer is owned by local businessmen Daniel Marcu, Timotei Dobanda and Aurel Ion. They have also filed for insolvency for another business they own, Goodies’97 in Prahova. The two companies will submit their reorganization plans in January.
Last year, Medeus ran up EUR 15.3 million worth of debt, and Goodies’97, EUR 13.9 million.
The two companies had taken out loans from Alpha Bank and Bancpost. The Medeus shareholders have said the bank debt is being repaid on time.
Medeus was set up in 1992 with financing from loans and Sapard funds, with the total investment reaching EUR 20 million. The company now controls two factories in Bucharest and Prahova. It was planning on opening a new unit in Ilfov county but it has stalled works on this project due to lack of funds.

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