A major company part of the ATLASSIB group recovered from insolvency under the management of CITR

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Bucharest, September 6th, 2017 - TRANSDARA S.A., the passenger transport company covering most of the routes in Arad and Timis counties, on the verge of liquidation five years ago, managed to successfully reorganize under the administration of CITR. After a long period of reporting loss, the company managed to recover and fully settle its debt.

TRANSDARA S.A. filed for insolvency at the end of May 2012, after registering a lack of liquidity, generated by the sharp decline of transport orders, as well as number of passengers on its regular routes, failure to collect receivables and inefficient investments. At the time of initiation of the proceedings, the company was unable to cover the debt with the available liquidities, which led to a major financial imbalance. 

"In other words, the company was in decline when we took over its administration. To achieve recovery, we optimized costs, including by reducing interest rates for banking loans, we balanced debts against the company’s assets with the restructuring plan and negotiated a payment schedule with the main providers", declared Silvana Șermer, Managing Partner CITR Timiș Subsidiary, who coordinated the company’s restructuring process. 

TRANSDARA S.A. entered the restructuring process based on a plan drafted by CITR and agreed by all of the company’s creditors. The plan comprised the necessary measures to ensure the smooth operation of the company, solutions which convinced its creditors that it was stable enough to participate in tenders even during the insolvency proceedings.  

Silvana Șermer, Managing Partner CITR Timiș Subsidiary: With the successful implementation of the solutions in the restructuring plan we managed, alongside the leadership of the transport company, to reverse the trend of a declining business and reintroduce in the economic cycle a stable, healthy, competitive company with prospects of growth. 

Now at the end of the restructuring period, TRANSDARA S.A. has settled all the debts undertaken in the restructuring plan before its creditors, amounting to Ron 13 million, without having to sell any of the assets necessary to carry out its operations. 

The commercial company TRANSDARA S.A. operates in the field of international, cross-county and county passenger transport, bus and minibus leasing, for any destination. Built in 1990 on the structure of the former passenger transport operator, S.C. TRANSDARA S.A. continued the tradition of county and cross-county passenger transport, while expanding its scope to international passenger transport. 

About CITR

CITR, leader on the insolvency market in Romania, 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 a comprehensive expertise, acquired after managing more than 850 cases in all business areas. Furthermore, it also manages the most comprehensive asset sale platform, sales.citr.ro.

CITR is part of CITR Group, the first group of companies in Romania specialized in customized remedies for companies in economic distress.