Romanian Cos Undergoing Insolvency Have Cumulated Debts Of EUR2.5B

Romania’s 32,00 companies that started insolvency procedures last year have cumulated debts of EUR2.5 billion, of which only about 10% was recovered last year, said Wednesday Arin Stanescu, head of the country’s union of insolvency practitioners UNPIR.

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Stanescu said 4,200 new insolvency files have been open in the first two months of 2010 alone.

According to data centralized by the insolvency practitioners' union, EUR150 million was recovered in receivables in the first half of 2009 and the situation worsened in the second half of the year, when only EUR50 million was recovered.

"The average debt recovery rate is very low. According to the World Bank, the average international recovery rate doesn't top 20%, but we're doing much worse," Stanescu said.

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