Cluj-Napoca, November 28th, 2016. CITR concluded the insolvency procedure for the Romanian companies in the Cord Blood Center group, whose restructuring was completed ahead of the deadline set out in the plan approved by their creditors.
“In just three quarters out of the three years scheduled for the implementation of the restructuring plan, we managed to settle all the debts to the creditors undertaken through the payment schedule, as well as any outstanding amounts and, thus, reintegrate in the economic cycle a recovered, balanced and healthy company. The successful conclusion of the proceedings initiated for the Romanian companies in the Cord Blood Center group is due to the team of experts of CITR and CBC management, who worked together to find and implement the best business solutions”, declared Alexandru Tănase, Managing Partner CITR Transilvania.
The key for the fast and viable restructuring was the solution applied by the insolvency practitioner along with the Cord Blood Center management: the merger of the three companies operating in Romania.
“Due to the responsiveness and active involvement of Cord Blood Center management in the restructuring process, we reduced costs, optimized control over the economic activity, generated a more efficient flow of services and coordinated the entire operation of the company so that we ensured an efficient management with no additional investment but rather through a merger”, explains Irina Mișca, Manager CITR Cluj.
Business continuity allowed for the generation of additional revenues which were then used to distribute the amounts due to the creditors and to pay the proceeding-related expenses.
The three companies in Romania part of the Cord Blood Center International Group had filed for insolvency in 2014, and the restructuring plan drawn by the special director of the group of companies, with the help of CITR insolvency practitioner, provided for their merger: thus, Cord Blood Center Medical and Cord Blood Center RO were absorbed by CBC LABORATORIES S.A., allowing them to continue to operate.
The payouts were made in the first three quarters of the restructuring plan, long ahead of the established deadline. All the debts of the three companies were settled, and the creditors unanimously approved the successful conclusion of the proceedings.
“Our collaboration with CITR team can be described as an association between professionalism and know-how and understanding the main goal of Cord Blood Center to make sure that all the contractual obligations towards its customers are fulfilled. The business solutions proposed by CITR allowed the company to continue to provide services to companies at the same quality standards for stem cell processing and storage, under maximum safety in the two certified banks in Cluj Napoca and Otopeni. The fulfilment of the common objective to restructure the companies in Romania helped Cord Blood Center Group to strengthen its leadership in the field of family cord blood banking in the EU and confirmed our trust in the leader on this market in Romania”, stated Martin Kabat, Director of CBC Laboratories SA.
With almost 20 years of experience in this field, Cord Blood Center Group is one of the European leaders in the field of stem cell banking. Through the public register, the group is a member of the World Marrow Donor Association (WMDA) and an associated member of NetCord, two of the top international stem cell organizations. Currently, Cord Blood Center Group operates in six countries in Central and Eastern Europe (Austria, Czech Republic, Slovakia, Italy, Hungary and Romania) and successfully released 68 cord blood grafts for transplants performed in renowned medical centers worldwide. In Romania, Cord Blood Center has been providing for 10 years a comprehensive range of services in this field: harvesting, transport, processing, as well as storage of stem cells, and is a trailblazer in the promotion of new stem cell-based products and treatments.
CITR, leader on the Romanian insolvency market, has distributed over EUR 200 million to creditors over the past 3 years.
With over 16 years of experience, the company was established in order to restore the health of companies in distress and reintegrate them in the economic cycle, using innovating restructuring mechanisms.
CITR is closer to customers due to its 9 subsidiaries located across the country and provides customized solutions through 120 experts part of the multidisciplinary case teams, while also supporting struggling entrepreneurs by providing comprehensive expertise, acquired after managing more than 850 cases in all business areas.
CITR is part of CITR Group, the first group of companies in Romania specialized in customized remedies for companies in economic distress.