Bucharest Court suspends insolvency procedures opened against Metro Cash&Carry Romania

Joi, 5 iunie 2008, 20:01 English | Business

Bucharest Court decided on Thursday to temporarily suspend the insolvency procedure opened against Metro Cash&Carry Romania by egg producer Tonelli Holding, also admitting the appeal Metro filed against the previous court ruling to open the insolvency procedure. Due to the new ruling, all procedures of the judicial manager will be ceased until the suspending request finds a firm solution.

The Bucharest court opened the insolvency procedures against Metro Romania. Egg producer and distributor Tonelli Holding demanded the bankruptcy of the retail giant based on a 57,000 debt. Metro representatives dispute the debt and announced they will challenge the court decision. The Metro judicial manager declared for HotNews.ro that there are two solutions to this problem - the bankruptcy and the reorganization.

Tonelli Holding recorded the insolvency request Metro is accused of in October 2007. The Bucharest Court ruled on May 2008 and the sentence launching the insolvency procedures was published on May 16.