Ten companies have been petitioning for the insolvency of Curiero since the beginning of this year, one of the firms that were the focus of several sale talks last year, which did not come through in the end, given that all those involved in the business of Curiero are talking about the failure of this brand.
There were even some other partner companies that went to court to have Curiero declared insolvent as early as 2006, according to the data on the website of the Bucharest Court of Law.
"Curiero was in an advanced insolvency stage and we did not succeed in taking over its operations as we would have liked, nor save it from bankruptcy, despite having pumped more than 1.5 million euros into it," said Octavian Radu, owner of the RTC Holding group, who announced in June last year that he had signed a deal with Curiero to bolster the logistic division of his group, TCE Logistica.
Curiero, one of the big players on the courier service market, posted 14.5 million-euro business in 2007, 84% higher than in 2006 and anticipated up to 25 million euros for 2008, according to the statements of its chairman, Bogdan Carcu. The official financial data of the company are not available on the Finance Ministry's website.
On the other hand, Carcu said at the time the deal between Octavian Radu and Curiero's shareholders was closed that it was " a strategic move, a move that will take us to the leader position over the next two years."
"The former Curiero company, whose name I changed to Letter Express is now insolvent and will most likely go bankrupt. The employees and vehicles were moved to TCE Logistica, the merger was not done any more and the company was practically left to "die"," said Bogdan Carcu, Curiero chairman and also its founder in 2003.
On the other hand, Octavian Radu says, "things are very complicated, indeed".
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