Romanian insolvency company Casa de Insolventa Transilvania recently re-branded as CITR and created the CITR Group, which will include, among others, an investment fund called CIT Resources.

“ The market for insolvency services in Romania is mature, and our efforts to educate the business environment to this end seem to be fruitful, because top managers start to see the signs of economic trouble much earlier within their companies, and choose to restructure outside insolvency, where it is possible,” explains Andrei Cionca, one of the company's founders, who now leads the group as CEO and who also runs the investment fund CIT Resources.

The group wants to focus on offering solutions for companies in financial or economic difficulty, as well as on investment opportunities, it has announced. All three companies in the group work independently.

The insolvency firm CITR will be lead by the three coordinating associates, Andrei Cionca, Andreea Cionca-Anghelof and Vasile Godinca-Herlea. Rudolf Vizental will head CIT Restructuring as executive director.

CITR recorded a turnover of EUR 7.6 million in 2013, up 16 percent compared to the previous year, and has distributed over EUR 62 million to the creditors.

Last year, CITR added 109 new procedures to its portfolio and 49 procedures were concluded. In early-2014, CITR’s portfolio includes some 370 procedures, according to the company.

In the managed procedures, the insolvency administrator handles over 10,000 employees and assets worth around EUR 500 million.

CITR, founded by Andrei Cionca and Radu otrean in Cluj - Napoca, currently has a team of 110 specialists, 40 insolvency practitioners and 12 work teams. The company managed the insolvency procedures for over 750 companies.

editor@romania-insider.com