Octavian Radu says he has run completely out of money

Octavian Radu, owner of the RTC group, which includes several companies operating on the courier, transport, fashion, real estate, and book market, with 130 million euros in turnover last year, says he has run out of financial resources in his attempt to support his businesses after two of the group’s biggest companies, Diverta and TCE Logistica, went insolvent.
“I have an account abroad, but no money in it. The millions have dried up,” says the owner of Diverta, adding however that he does not think he will end up living off a salary, but does not have money set aside.
At the end of last year, Rasvan Radu, executive president of UniCredit Tiriac Bank told ZF many Romanian business owners were mainly concerned about preserving their living standards, preferring to file for insolvency rather than come up with additional money.
“If I had the money, I knew what to invest it in,” answers Octavian Radu, adding that bankers’ statements seem to him “idle accusations”.
“All my friends are now asking me how I am doing, if I feel depressed. My life has changed a lot, meaning that reality is bleaker, but life goes on. We basically just do our job in a different environment now. Some adjustments are made smoothly, others not so smoothly in business, insolvency is one of the latter,” added the Diverta manager.
A few weeks ago, book retailer Diverta, with 10 million euros in debt and 30 million euros in turnover in 2009, as well as courier company TCE Logistica, with 8.5 million euros in debt, went insolvent, and are set to undergo restructuring.