After relegation to the second league last season, “Dynamo” Bucharest receives another blow and risks bankruptcy.

On Tuesday, a Bucharest court held a new hearing on the amended reorganization plan proposed by SC Dinamo 1948 SA’s court administrator, and the club received some bad news.

The reorganization plan of the “Dynamo” club was not approved by the Bucharest court

Doreen Sherdyan, Nicolae Badea and Cornel Shelnar filed an appeal saying they disagreed with APCH/DDB becoming the majority shareholder of Dynamo, but the judge dismissed it.

Although an initial reorganization plan was put in place, the Stefan cel Mare club proposed another option, which was rejected by the bankruptcy judge.

Decision of the Bucharest Court

“Rejects the request of the creditors of Cornel Tsalnar, Serdean Pavlo Dorin and the Association of the football club “Sports Club “Dinamo Bucharest” regarding the appointment of a specialist to express an opinion on the possibility of implementing the plan under the terms of Art. 139 par. 1 of Law No. 85/2014 as groundless.

Rejects as unacceptable the objections formulated by the creditors Kornel Tsalnar, Serdean Pavlo Dorin and the Association of Sports Clubs of the Dynamo Bucharest Football Club.

According to Art. 139 par. 5 of Law No. 85/2014, rejects the request for confirmation of the amended reorganization plan of the debtor DINAMO 1948 SA, proposed by the judicial administrator RTZ & PARTNERS SPRL – Bucharest branch.

The deadline for extending the procedure until February 6, 2023 has been set. With an appeal within 7 days of notification of the decision by publication in the Bankruptcy Bulletin, which will be submitted to the Bucharest Court, VII Civil Section. Pronounced by providing the parties with a decision through the court office today, December 13, 2022.”

According to GSP, the judges have 30 days to submit a motivation, after which “Dynamo” will decide whether to file an appeal or not and what will be the next steps in this direction.

If the decision remains in force, the legal administrator of “Dynamo” RTZ must develop and propose a new reorganization plan.

If, according to Tuesday’s decision, Dynamo does not stick to the initial reorganization plan, which the club has announced it cannot follow, then it will go bankrupt.

The new club plan of SC Dinamo 1948 SA was to be extended for one year and implemented until November 21, 2025, with a projected total revenue of 63,801,012 lei, around 13 million euros.