Before reading the post below, please read the article wrote on 30th of Nov 2008 (Financial crisis hits Netbridge companies).
After 8 months…
Netbridge Investments (Boom), the biggest online player in 2008 in Romania (sales house), was declared insolvent by the Bucharest Court.
- The company faces both a cash flow insolvency (unable to pay debts) and a balance sheet insolvency after successfully engineering the movement of their assets on newly formed companies (operating with same people, in same offices).
Some people say that this case is similar to Bigger. This is not true. The money and all the assets that belonged to Boom are now managed by two new companies:
– Digital Ads – managing director: Mihaela Grafu;
– Trade Ads – managing director: Valentin Oeru.
Although almost 3 mil. EUR disappeared thanks to smart lawyers and well-done papers, the two company above have the same offices, employees and deals. Ironically, Digital ADS (Mihaela Grafu) and Trade Ads (Valentin Oeru) have new contracts with media agencies and money are being spent. Of course, few people care if the publishers will ever see their money but Digital ADS and Trade Ads are happy to be able to promise the smallest prices available in the market and the biggest rebates.
Netbridge Investments is owned by NCH Advisors (investment fund), managed by Siminel Andrei and “engineering” seems to be a way of business.
BDO Conti Insolvency was appointed Judicial administrator.
Related posts on blogs:
- Petrisor Obae – Exclusive interview with Cristian Petriceanu (General Manager, Boom), a collateral victim in this turn of events;
- Gusti Roman – (Gazeta Online) had to recover almost 600.000 EUR;
- Marius Pahomi Interaction Business Development Manager
- Octavian Costache (Google);
- Mircea Scarlatescu;
- Vlad Gidea.
News on the matter:
- Financiarul – Boom a intrat in insolventa;
- Hotnews – Regia de publicitate online Boom a intrat in insolventa;
- Wall-Street – Online-ul romanesc se pregateste de primul faliment de amploare;
- Regia Boom Ã®ÅŸi Ã®mparte portofoliul de site-uri Ã®n douÄƒ companii;
- Digital Ads Management, â€žpuiulâ€ agenÅ£iei Boom, este anunÅ£at oficial.
LATER EDIT: Boom Advertising – official press release here…