Ultra Pro's bankruptcy expected this week

A ruling on the bankruptcy of K Tech Ultra Pro, the largest IT&C retailer three years ago, is expected this week, after the lawyers’ petition was discussed yesterday, Geanina Oancea, partner with BDO Business Restructuring SPRL, the company’s court-appointed administrator, told ZF.
“Our proposition for K Tech Ultra Pro to be declared bankrupt was discussed today (yesterday i.e.), and a court ruling is expected shortly. We will probably have an answer this week,” Oancea told ZF.
K Tech Electronics, the company founded by spouses Alina and Cristian Fughina had accumulated 28 million euros in debt to 84 creditors. The collapse of the retailer at the end of last year, after it had over 80 million euros and almost 700 employees at one point, had various causes, among which the management’s inability to adapt its strategy to the market decline, exposure to foreign exchange risk and dependence on foreign funding.
K Tech Electronics posted 312.86 million RON (84.9 million euros) in revenues in 2008. The company’s revenues were significantly hurt in the first six months of 2009, when they amounted to just 56.04 million RON (13.5 million euros).