Court Suspends Insolvency Proceedings Against Metro Cash&Carry Romania

A Bucharest court Thursday decided to temporarily halt insolvency proceedings against retailer Metro Cash & Carry’s branch in Romania, allowing the appeal in the case filed by the retailer.

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On May 16, the court admitted the request filed by SC Toneli Holding SRL Buftea to start insolvency proceedings against Metro Cash & Carry Romania, one of the largest retailers on the local market.

Toneli Holding seeks to recover EUR50,000 debt from Metro Cash & Carry. The retailer allegedly failed to honor several bills for eggs delivered by Toneli Holding between 2004 and 2007.

Officials of the retailer said the request for insolvency was groundless and announced the company will appeal the decision at the Court of Appeals.

Metro Cash&Carry Romania operates 23 stores nationwide.

The company reported turnover of EUR1.59 billion in 2007.

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