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Teleferic Prahova

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Date

2018-2016

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The company

Teleferic Prahova is in the unique position of operating a monopoly in Romania’s bustling Carpathian Mountains and benefits from a steady stream of revenue both during winter and summer seasons.
 
It operates Bușteni – Babele, the most popular cable car route in Eastern Europe and one of the longest lines on the continent

DISHONEST MANAGEMENT

Due to combination of poor management, bad faith and utter lack of interest, the company has never lived up to its full economic potential. 
 
It has accumulated a total debt of more than €2 million towards private creditors & public authorities.
 
2016 – A state of insolvency is therefore declared
 
2018 – Former management files restructuring proposals that included selling the company’s prized assets for their own personal gain. 
 
2018 – Former management has filed restructuring proposals that included selling the company’s prized assets for their own personal gain
 
What they should have done instead is appoint a professional and dedicated management to fully exploit the company’s potential and generate consistent income and profit, taking into account that it operates a monopoly on cable transport in the most visited mountain area of Romania.

WOLF STARTS TO TAKE OVER (2018-2019)

 2018 – 2019 When it was obvious management had no intention of paying back the debt, these accounts receivable from creditors holding voting rights have been systematically purchased by FFB WolfHedge Fund
 
2019 – Following the conversion of debt into share capital, FFB WolfHedge Fund owned the majority, decision-making stake in the company
 

THE COURT RULING

After a multi-year uphill battle, the judicial system has approved the financial reorganisation plan proposed by FFB WolfHedge Fund & bankruptcy was declared
 
Following this marquee decision, former dishonest management was completely cut off from every decision-making process in the company.

Special admnistrator

 

The court has also appointed a special judicial administrator for a limited period of time

ROVIGO is a firm specialised in corporate restructuring & bankruptcy situations. See their credentials here. 

 

The special administrator is tasked with updating the inventory, making a consolidated table of creditors and now approves every expense & payment in the company, thus eliminating the risk of fraud

The company

It has accumulated a total debt of more than €2 million towards private creditors & public authorities.

OVERVIEW - TELEFERIC CABLE LINES

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