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About us

CITR is the leader of the insolvency and restructuring market in Romania since 2008.

As part of the Impetum Group, the Romanian group dedicated to the mission of maximizing business value at any stage of a company's life, CITR shares its resources with ROCA Investments, ROCA X and AGISTA to create a hub that brings together: business knowledge specific to each of the 3 stages of a company's life (startup, growth crisis, distress), capital, synergies and crosses between complementary businesses, as well as a community of managers and entrepreneurs eager to actively participate in consolidating the entrepreneurial culture in Romania.

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CITR Sales

CITR customers are a click away from the products they are looking for. sales.citr.ro is the most advanced platform for presenting assets in insolvency and bankruptcy. The platform comprises a portfolio of assets of 1 billion euros, in various stages of capitalization, out of which there are over 4,000 products for sale annually. Whether it is movable property, real estate or turnkey business, the platform is clustering in the same place assets quick and easy to access.

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CIT Restructuring

CIT Restructuring was founded by CITR experts, with the aim of providing restructuring solutions to companies outside the legal proceedings, through customized solutions, designed based on the specific needs of each individual business.
As part of CITR's work, the team provides turnaround consultancy for companies in difficulty, non-performing debt management, solutions for attracting capital, strategies for growing and developing non-performing businesses and consulting for operational and financial restructuring and judicial reorganization.

We started 20 years ago, in Transylvania, as a group of friends in search of a destiny - eager to prove, confident that we can - in the still rarefied air of the beginnings of entrepreneurship.

Romania was learning capitalism - we were in the era of pioneering and we were doing what the pioneers were doing: we were starting a business we had read about, heard about, but none of us had ever worked for such a company, whose purpose is to practice hope and value. We called it the Transylvania Insolvency House, proud of its origin - and at that time our universe, which today is called CITR.

CITR Mission

Our mission is to discover the value of companies in difficulty whether we are talking about business, product, brand, customers, team, assets, market share or other elements. We create the context of the second chance to save and increase this value through innovative, dedicated and pro-business solutions for financial and operational restructuring. 

Our expertise

  Real estate
  Insurance and Finance
  Tourism
  Energy
  Agriculture
  Construction
  Retail
  Food Industry
  Petrochemical industry
  Manufacturing
  Transport industry
  Pharmaceutical and healthcare
 
Impetum Group
 
CITR Romania
 
RocaX
 
CITR Sales
 
ROCA Investments
 
Agista
 

CITR today

20
years of experience
1 MLD.EUR
assessed value of the currently managed assets
400MIL.EUR
the value of receivables - currently managed
100%
approval rate of the reorganization plans undertaken by CITR
100
projects in the current portfolio
50 MIL.EUR
distributed to creditors in the previous year
6
multidisciplinary case teams

Meet the team

Andrei
Andrei Cionca
Founder CITR & CEO Impetum Group
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CITR was founded on the desire to be the best, to professionalize the role of the insolvency practitioner and to transform our passion in innovative solutions for the upswing and reintregration of the Roanian businesses in economy. We did this by continuously building on a number of pillars. Today, through the commitment and expertise of our team, lead by senior managers, we managed, as you may see, for 20 years, to save the value in Romanian companies. The story goes on.
Andreea
Andreea Cionca
Managing director & cofounder Impetum Group
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Every business deserves a second chance, and CITR is the Impetum Group company with the right knowledge and know-how. Through CITR, we address all entrepreneurs whose businesses have reached a sensitive point, to whom we remind that there are real, viable options through which to bring their companies back on a favorable trajectory. I am convinced that failure is always more valuable than passivity. Anytime when facing an entrepreneur with the courage to admit to hardships, we are ready to step in for the common goal of saving business value, both in terms of activity and reputation.
Vasile
Vasile Godîncă-Herlea
Managing Partner CITR and cofounder Impetum Group
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„CITR, as a company specialized in restructuring and crisis management, has undertaken a tremendous evolution on the local market. With an organizational structure similar to the business-oriented companies, we have grown the most experienced professionals in the field, have influenced the development of the insolvency arena with our own professional expertise, and achieved the objectives of many significant and relevant companies in Romania. For more than 12 years, CITR has been the leader of the insolvency market. The future foresees even more preventive and restructuring procedures and many businesses given back to the economy.”
radu
Radu Lotrean
Cofounder CITR and President of Insol Europe 2017-2018
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„CITR laid the foundations for a unique product in Europe, both through the multidisciplinarity of the case teams and through the strong visionary imprint on the reorganization procedures. The European market as a whole needs a fresh touch on preinsolvency, crisis management and insolvency mechanisms. The 360° approach and the know-how of CITR would definitely infuse added-value to all stakeholders. Prevention and offering a second chance have become the main pillars of restructuring at the European level, and CITR has already proven its seniority through the projects it has assumed.”
Paul Dieter Cîrlănaru
CEO
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Andra Olar-Caragea
Managing Partner
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Vasile Godîncă- Herlea
Managing Partner
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Mariana Boiciuc
Senior Partner
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Călin Părău
Business Development Manager
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Oana Munteanu
Partner
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Ana Stanciu
Partner
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Florin Constantin
Partner
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Flavius Drăghici
National Sales Manager
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Ionuț Coleașă
Partner
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Alina Popa
Head of Legal
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Flowers

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Accolades and certifications

  • 2000
     
    A company in the insolvency niche is set up in Transylvania, by a small group of legal and economic professionals
  • 2006
     
    The small society of practitioners becomes the Transylvania Insolvency House.
  • 2007
     
    The company carried out, in the Tractorul project, the largest and fastest liquidation in Romania, completed by a transaction of 77 million euros, legitimized by the European Commission.
  • 2008
     
    With 6 branches in the country, CITR continues to grow. The company offers new services in its portfolio and becomes a leader on the Romanian insolvency market.
  • 2009
     
    It is CITR’s year of expansion; due to the success registered in Transylvania, CITR aims at building a nationwide network of offices starting with Bucharest, Bihor, Sibiu, Brașov and Timiș.
  • 2010
     
    CITR marks the first successful reorganization of a renowned retailer in Romania, Flanco; the reorganization plan was implemented in record time, of only 6 months; it’s the time for business repositioning and developing reorganization services.
  • 2013
     
    CITR wins the Transaction of the Year award - Best Turnaround Strategy in the Diverta project and Golden Award of Excellence for business education.
  • 2014
     
    The Transylvania Insolvency House takes the name of CITR. It is also the year of setting up CIT Restructuring, a consulting company to cover restructuring challenges outside of insolvency.
  • 2016
     
    CITR wins the awards - Successful women in insolvency practice, Excellence in insolvency, The award for having a contribution to the recovery of the Romanian economy, The award for excellence in professional development in the category of Insolvency and Restructuring and Best Business Advisory - Swan: Transaction of the Year 2016.
  • 2017
     
    Insol Europe, the European body of insolvency practitioners, will have for the first time a Romanian president, in the term of 2017-2018 - Radu Lotrean, co-founder of CITR.
  • 2018
     
    Golden Award for Excellence for the Museum of Entrepreneurship, an initiative through which CITR celebrates and promotes local entrepreneurial stories.
  • 2019
     
    CITR receives the Business & Development Award of Excellence for the efforts to reorganize companies in the construction sector.
  • 2020
     
    CITR partners with ROCA Investments and ROCA X, together forming Impetum Group, thus becoming part of the Romanian group dedicated to the mission of maximizing business value at any stage in a company's life.
  • 2020
     
    CITR is appointed by the European Commission as a consultant for the transposition of the European Directive 2019/1023 on restructuring and early warning in the Romanian legislation.
  • 2021
     
    CITR obtains in ROMAERO case the first ANAF decision approving the plan for the restructuring of budgetary debts according to OG6, a landmark in the evolution of prevention procedures in business.
  • 2022
     
    CITR has completed, in four months, the report on the causes of the largest bankruptcy in the recent history of Romania – City Insurance.
  • 2022
     
    The law transposing the European Restructuring Directive, drafted by CITR together with a team of experts, enters into force in July 2022, supporting the entire business environment.