ALARM IPURL coordinator Dorin Ciobanu, appointed by the court as temporary administrator, explained The insolvency of the La Plăcinte restaurant chain was caused by a combination of factors: from the effects of the pandemic and the post-pandemic economic crisis to the accelerated growth of costs, lower revenues, lack of liquidity and inability to refinance.
The official document detailed these reasons.
“Since 2020, the company’s operations have been severely affected by a number of external factors, both economic and legislative, which have resulted in recurring losses and impeded the company’s financial recovery.”
Among them, the main factor cited was the impact of the COVID-19 pandemic through temporary restaurant closures, limited indoor service options, the purchase of protective and sanitary equipment, resulting in increased costs, etc.
Also bankruptcy was caused by accumulated debts and interest due to significant debts to suppliers and creditors due to decreased revenues and inability to cover operating expenses; inability to refinance due to refusal of creditors to grant deferment or restructuring of financial obligations due to deterioration of the company’s economic indicators and decreased confidence in its solvency; other reasons (insufficient liquidity, impact of inflation, increase in operating expenses).
This situation of structural imbalance in the company’s cash cycle, typical for many companies in the sector, led to delays in payments and, consequently, to the accumulation of significant debts exceeding the threshold of 20 million Romanian lei (77.2 million Moldovan lei). Due to this difficult financial situation, the debtor company was forced to file a petition to initiate a judicial rehabilitation procedure.
The main objective of this approach is to improve the financial situation and restore the necessary balance for the continuation of the activity. By implementing a clearly structured reorganization plan, the company aims to optimize financial flows, reduce accumulated debt and create prerequisites for sustainable development in the long term,” the document says.
“The experience of Lumea Gustului SRL (owner of La Plăcinte) shows that, regardless of the field of activity, no company is fully insured against financial risks or unstable market conditions. Just as in the case of human beings, illness is not always caused by negligence, but can arise as a result of unpredictable factors, so in the business environment unexpected imbalances can occur. It is important not only to recognize the symptoms, but also to know in time who to turn to and what legal measures to apply,” said Dorin Ciobanu.
The preliminary table of claims includes a total amount of 34 million Romanian lei (131.24 million Moldovan lei), of which almost 85% belongs to the network’s former majority shareholder, Trabo Plus from the Republic of Moldova.
The rest is attributable to various suppliers, other commercial partners, ANAF and local authorities.
“If the decision is taken to open a judicial reorganization procedure, a reorganization plan will be drawn up and submitted for approval, including specific measures for the economic recovery of the company. In case of bankruptcy, the assets will be realized and the proceeds will be distributed among creditors according to the procedure established by law,” Dorin Ciobanu said.
