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October 4, 2022

Is Adevarul Holding going bust?

Five companies demand the court declare Adevarul” Holding SRL – publisher or the “Adevarul” daily newspaper – bankrupt, on account on failing to pay its debts. Dinu Patriciu appears to no longer be willing to fill the “black hole” in his media business, yesterday’s Evenimentul Zilei (EVZ) reports. While the amounts are not so high actually, EVZ sources say this would only be the tip of the iceberg. People familiar with Adevarul Holding say the company owes a pile of debts to various suppliers – distribution networks, leasing companies, advertising agents, and televisions too. And the Adevarul Holding bankruptcy case emerges despite Dinu Patriciu having pumped EUR 30 M  in the company no later than last March. It also follows a credit line of RON 42 M late last October to one of the trust’s companies.

Retail Management System, formerly Alsys Da, is the first creditor that sought in court the Adevarul Holding bankruptcy for its failure to pay a past debt representing the money equivalent for the company creating a computer network for the “Adevarul” daily newspaper. Two months later, SC Visual Efects Studio SRL also sued the company in the Bucharest Commercial Court, demanding SC Adevarul Holding SRL being declared bankrupt. In its turn, Moro Chic Dsign SRL asked for Adevarul Holding to be declared bankrupt, followed one week later by SC SamdamGifts SRL, which made a similar request regarding the company publishing the “Adevarul” daily. According to the court’s website, SC Tempo Advertising SRL too filled out April 22 two separate documents, a payment summons and insolvency application respectively against Adevarul Holding.

Adevarul Holding is not the sole Dinu Patriciu-owned company in financial trouble, with MIC.ro Retail facing a similar situation.

Peter Imre, General Manager “Adevarul;” daily newspaper, however said that the trust has the liquidity necessary and the payment delays would actually reflect some normal commercial relations in an economy such as Romania’s. Imre also pointed his finger at former manager Razvan Corneteanu, although the latter says the paper owed no debts when he parted ways with the company.

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