According to the press release of the company, which has 2 bond issues listed on the Romanian Stock Exchange, Vivre Deco is starting preventive commission procedures as a measure to protect and restore the business.
A preventive concordat is an agreement between the debtor and the creditors, with the help of which an attempt is made to find a way out of the impasse. It’s basically a recovery plan that those who own 75% of the debt have to vote for.
The release states that after the pandemic, the home&deco market recorded a drop of more than 20%.
“In 2020, Vivre Deco registered a record 52% increase in turnover, which formed the basis of business expansion plans, but in 2021, with the lifting of restrictions imposed by the COVID-19 pandemic, the company recorded a decrease in turnover. , by 18% in 2021 and by 45% in the first half of 2022,” the quoted source said.
In the first half of this year, the company had a loss of 18.6 million lei, and for the same period in 2021 it amounted to 17 million lei.
Vivre Deco (a decorative furniture company) is owned 51.81% by Neogen SA together with Advisory Delta SRL (43.37%) and Nagy Vajda Andras Peter (4.82%). The majority shareholder, Neogen SA, has contributed more than €2.5 million in 2022 to support the business and will continue to contribute another €1 million during the process.
Photo source: DreamStime.com
Source: Hot News RO
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