Romanian home decoration and furniture e-tailer Vivre enters insolvency
Vivre Deco, one of the online retailers of home & deco active in Central and Eastern Europe (CEE) until recently under pre-insolvency procedures due to financial difficulties, entered insolvency on March 6, at its own request.
Vivre raised some EUR 10 mln with two bond issues listed at Bucharest Stock Exchange (BVB).
All partner banks were instructed not to operate payments from Vivre's accounts without an order from the syndic judge, Profit.ro reported.
Călin Fusu, the president of the board of directors and majority shareholder through the Neogen investment fund, will continue to act as general manager but under the patronage of the consortium of insolvency practitioners Infinexa Restructuring SPRL and Continuum SPRL, according to Ziarul Financiar.
On November 7, 2022, Vivre filed the Initial Recovery Plan, which provided for the payment of 4.2% of the money invested in the two bond issues by the 500 bondholders. As a result of the debtor's negotiations with the creditors, the company modified the restructuring plan, proposing 15% back to the bondholders over four years.
(Photo source: Zerbor/Dreamstime.com)