Romanian insolvent road transport company to pay 55% of its debts

Road transport company Frigoexpres, controlled by Oradea-based businessman Florian Mihut, will pay 55% of its debts to creditors over a period of 36 months, according to the reorganization plan approved in court, cited by local Capital.ro. Frigoexpres entered insolvency in August 2013 with debts amounting to EUR 13.5 million, according to the judicial administrator CITR. Frigoexpres, one of the largest road transport companies for products under controlled temperature, posted a EUR 12 million turnover and EUR 3.6 million losses at the end of 2013. The company has contracts with groups such as Unilever, Carrefour and Billa. editor@romania-insider.com