Selgros Cash&Carry Asks For Romanian Flamingo’s Insolvency

Selgros Cash&Carry asked in court the start of insolvency procedures of Romanian IT&C, white and brown goods retailer Flamingo International (FLA.RO), for a 69,900 lei (EUR1=RON4.2995) debt, Flamingo said Friday in a statement.

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According to Flamingo, Selgros Cash&Carry, part of Germany's Rewe group, has sold its products for a long period of time.

"Selgros made no steps to clarify what debts our companies have to each other before starting this action," the statement says.

At GMT0843, Flamingo's shares on the Bucharest Stock Exchange were trading at RON0.0315 per unit, up 8.62% compared with the reference price.

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