ROMANIA: Bravcod takes over Penes Curcanul brand from Galli Gallo for 20 million euros | Progresiv

Penes Curcanul brand, owned by the Galli Gallo turkey meat producer, was acquired by Bravcod in a transaction worth 20 million euros, according to a press release issued by the Transylvania Insolvency House.

The transaction was completed this summer, according to the reorganization plan approved by creditors in the company's insolvency procedure. The reorganization plan proposed and implemented by the CITR involved a business transfer, the integration of the assets of the other two companies in bankruptcy. Galli Gallo then entered operational profit through operational and financial restructuring, with EBITDA positive in insolvency proceedings.

Galli Gallo, together with two other companies in the group, Avicola Codlea & Partenerii SRL and Broilerom SRL, entered into insolvency proceedings in September 2013. STS Trading and Bravcod, trading partners of Galli Gallo, initiated the discussions with the court administrator and the majority creditors in order to acquire the business owned by Galli Gallo. In 2017, the legal steps to confirm and implement the reorganization plan proposed by the CITR for Galli Gallo were finalized, and in 2018 the Bravcod transaction on the business transfer and transfer of all the core assets that the Galli Gallo group held was completed.

The Galli Gallo Group was founded in 1999 and owns the Penes Curcanul brand and a chain of stores in 24 counties.