OREANDA-NEWS. April 06, 2012. Insolvency of the wine enterprise Vinuri Ialoveni is advantageous for its loan borrowers and founders, its creditors – FinComBank, GC Trade and Drob-Gher – have said.

According to the creditors’ statement, Vinuri Ialoveni increases its arrears to the founder enterprise Vinex Victoria in a strange way, signing agreements of money transfers between the firms with a 19-million-lei debt indication.

The wine enterprise lays down claims on stoppage of debt examination, resorting to the help of respective instances to appoint an insolvency administrator, who keeps the condition at a deadlock.

At the same time, the enterprise continues to work without paying off arrears that grow during the period.

“Based on negotiations with Vinuri Ialoveni creditors, it is clear that the borrower led by the founder – Vinex Victoria – is satisfied with actual situation. Since October 1, 2010, the enterprise is in insolvency process and continues operating with a debt of 2.7 million lei, reducing price of stocks at the stock exchange”, the statement provides.

For about 3 years, creditors litigate against state bodies, pursuing the goal of getting moral damages. The aggregate wine company debt the state budget will have to cover on account of taxpayers makes 1.242 million lei.

“With permanent appointment of new managers in Vinuri Ialoveni, the use of the word “raider” became fashionable, afterwards its stockholders considered themselves enabled to accuse ‘creditor raiders’ (who only try to get their debt back) of everything”, representatives of creditors said.

They said that an interest in the wine enterprise at auctions was displayed by its founder Vinex Victoria, proposing large sums for it.