ROMANIA: After a 2016 on profit, Eugenia producer recovered from insolvency | Progresiv

Dobrogea Group, one of the main producers in the bakery and milling industry, recovered from insolvency after having entered this procedure four years ago, according to an announcement posted on the company's website.

"Between 2013 and 2017, the company underwent a plan-based period of reorganization and judicial restructuring based on its own application filed at the Constanta Tribunal, maintaining its right of management and administration under the supervision of the Judicial Administrator. In June 2017 the reorganization process is completed and the company has been reintegrated into the economic circuit, "the company's website shows.

Among the creditors of Dobrogea Group were BCR, BRD, Bancpost, Italo-Romena Bank, Alpha Bank and Banca Transilvania, as well as several grain traders.

Intreprinderea de Morarit Panificatie Dobrogea was established in 1961, being one of the largest producers in the Romanian bakery industry, and since 1991 it has turned into Dobrogea S.A. stock company.

Currently, the company has in its portfolio biscuits brands Eugenia and Digesta, as well as other bakery products such as bread and sponge cakes made under the Dobrogea brand.

Last year, according to data provided by the Ministry of Finance, the company reported sales of 156.2 million lei, being at the same level as in 2015, but after many years of losses, it posted a profit of over 6 million lei.