After Diverta, TCE Logistica becomes insolvent
TCE Logistica, the transport and logistics company within the RTC group, has entered the judiciary reorganization, after accumulating debt of EUR 8.5 million. This is the second company in the RTC group to become insolvent, after Diverta a couple of weeks ago.
“Some of the clients have also become insolvent in the last 18 months, which has generated cash flow problems for us. Besides this pressure, there were the penalties to the accumulated debt, this is why we need them to be re-scheduled while we restructure. These impose a judiciary reorganization which we hope to go over in the next two – three years,” said Sorin Sofian, president of TCE Logistica.
The company reported a turnover of EUR 19.5 million last year and a loss. It also fired 655 employees and gave up on 270 cars. It also cut 40 percent of the expenses generated by subcontractors.
Casa de Insolventa Transilvania is the company's judiciary administrator. The RTC group is owned by Romanian businessman Octavian Radu (in picture). Read more about Diverta's insolvency here.