One of the symbol brands of Romanian transition economy enters bankruptcy

Kubo Ice Cream Company, the producer of Amicii ice cream, one of the biggest national ice cream producers and distributors on the market since 1994, entered bankruptcy, according to Profit.ro. The company has been in insolvency since the end of 2016.

The ice cream producer had to pay EUR 3.6 million to creditors to stay on the market; close to EUR 2.7 million of this amount represent the debts to banks (BRD, ING and Unicredit).

The debts to the budget reached RON 1.5 million and there are other back payments to different suppliers.

In the spring of 2016 the company’s shareholders were looking for a new business partner, after the negotiation of the sale  in 2008  with an investments fund. The deal fell through once with the emerging of economic crisis.

The decision of bankruptcy entry has been signed by judges and approves the bankruptcy, the goods seal from the company’s assets and the start of dissolution operation, with the possibility of appeal.

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The documents analyzed by Profit.ro show that the reorganization plan of the company has been approved by creditors.

Kubo Ice Cream, with over 160 employees, has units in Arad, Bacau, Baia-Mare, Brasov, București, Constanta, Craiova, Galati, Iasi, Neamț, Pitesti, Turda.