Catavencu SA will disappear after declaring itself insolvent, but the magazine it published, Academia Catavencu, will continue to appear on the market, probably after changing the publisher, according to information appeared on Romanian press.
The company, in serious difficulties since March, decided to go bankrupt, on creditors’ decision.
The biggest creditor of Catavencu SA is Realitatea Media, a firm from the same group, controlled by Sorin Ovidiu Vintu. Realitatea Media was also the main shareholder of Catavencu SA, with 71% of shares.
According to sources from magazine’s management, there is analyzed the option of selling the title to recover a part of the money its former publisher owned.
Information published on Realitatea.net, the total credits owned by Catavencu SA were of Euro 15.12M, from which Euro 13.68M money invested by Realitatea Media and other entities from Realitatea-Catavencu group during a period of time of four years. Also, Catavencu SA owned to external creditors Euro 1.44M.
The editorial director of “Academia Catavencu” magazine, Doru Buscu, explained the situation in an article published on the publication’s site, in which he makes a difference between the company and the magazine. He explains the decision to declare insolvency as the company can’t cover either its actual costs or the historical credits, mainly because of the decrease with 80% of the print advertising revenues. Buscu also makes a short history of the Catavencu press group, started by 10 people that founded Academia Catavencu magazine.