Odyssey Communication goes insolvent

Advertising agency Odyssey Communication, owned by businessman Dinu Patriciu, entered insolvency officially, shows data from the Trade Registry.

 While Patriciu is the major shareholder of the agency, with a 60 percent stake, Diana Flutur, manager of the agency, holds the remaining 40 percent stake.

 The creditors of the agency will meet in January.

 According to paginademedia.ro, the agency must pay several million of euro for advertising Adevarul Holding products. Among others, appproximately EUR 1.5 million-2 million it owes to Pro TV, EUR 200,000 to Splendid Media (the agency that sells advertising space for TVR 1) and EUR 150,000 to Clir Media (the agency that sells advertising for Radio România Actualitati and Radio ZU.

Odyssey committed to pay in installments the debts by the middle of November. However, in the meantime, it became insolvent.

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A year ago, the insolvency of Odyssey was requested by New Age Media Advertising Agency in Craiova for a debt of EUR 18,000. However, the debt was paid and teh file was closed.
Otilia Haraga