PIC reorganization plan approved by creditors and confirmed by the syndic judgePIC reorganization plan approved by creditors and confirmed by the syndic judge
The former hypermarket network of PIC to be bought by Succes NIC COM over the next three years
Bucharest, 25 April 2012. The reorganization plan of PIC S.A, drawn by PwC Romania, the judicial administrator of PIC S.A., has been approved by the company's creditors and confirmed by the syndic judge. According to the approved plan, four of the former PIC hypermarkets will be monetized and Succes Nic COM will buy them in monthly instalments over the next 3 years. The company had already rented the PIC stores in Piteşti and Craiova and reopened them under the Succes brand.
Therefore, the hypermarkets in Oradea and Călăraşi will be reopened soon under the Success brand, while the hypermarket in Brăila, which was not part of the current transaction, might be reopened later on, under the Succes brand, or a different one.
The plan allows for the complete recovery of all the debts owned by PIC towards its former employees and towards the state budget. Also, the plan provides the main creditors a complete recovery of all their debt covered with real guarantees, while ensuring unguaranteed creditors a 7% recovery rate.
"The PIC insolvency file was a highly complex issue, with the total amount of debt reaching 333.7 million RON towards almost 700 different creditors. It required an impressive amount of work from our team and we are very pleased to see that, after a long period of negotiations with all the stakeholders, we have put up a plan that monetizes in an optimal way the assets of the company for the creditors, puts back in the economic circuit the former PIC stores and creates new jobs", stated Marius Zidaru, Director, Business Recovery Services Leader, PwC Romania.
" We are all aligned now and are working hard to implement this plan, with the first concrete steps to be made in the next few days", said Cristian Răvăşilă, Senior Manager, Business Recovery Services, PwC Romania.
PricewaterhouseCoopers Business Recovery Services IPURL has been appointed the judicial administrator of PIC S.A. in March 2010, after the company had entered in the insolvency procedure at the end of 2009.
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