Large Romanian media group files for insolvency

Romanian media group Mediafax Group, owned by investor Adrian Sarbu, has asked the court for its insolvency, according to Hotnews.ro. The court is yet to give a first trial date. Mediafax Group, which runs several publications, including the country’s main business daily Ziarul Financiar, and the main newswire Mediafax, posted a loss of EUR 2.6 million in 2013, according to Finance Ministry data. Its turnover last year was of EUR 17.5 million, and it had 263 employees. The group amassed debts worth some EUR 15.4 million, according to Hotnews.ro. Two months ago, the Fiscal Administration ANAF notified Mediafax Group that it blocked money in its clients’ accounts, as a precautionary measure. The general manager of the group at the time, Orlando Nicoara, said the group appealed the decision in court. Later on, Nicoara resigned, three and a half years on the job. Meanwhile, the ANAF lifted the measure two days ago, according to PaginadeMedia.ro. The District 2 court in Bucharest admitted Mediafax group’s insolvency request during a public sitting on November 25. editor@romania-insider.com