The transaction through which the owner of the Paralela 45 travel agency, Alin Burcea, was to take control of Invitation Invest\u2014the company owning Invitation Romania Travel, an agency specialized in incoming tourism\u2014signed at the beginning of the year, has collapsed, blocked by the outbreak of the coronavirus pandemic.<\/p>\n\n\n\n
Following the failure, the Fodoreanu family, owners of Invitation Invest, filed for the company’s insolvency because it could no longer pay its accumulated debts to several hotels across the country. This is, effectively, the largest agency specialized in incoming tourism in Romania to enter insolvency in the last decade.<\/p>\n\n\n\n
In January, some of the documents for the transfer of the controlling stake had already been signed. Following the operation, Burcea was to take over 55% of the shares from the Fodoreanu family, who were exiting the business. The remaining stake was to stay in the possession of Mirela Iordache, the company’s Executive Director since February 2009.<\/p>\n\n\n\n
The actual management of the acquired company was to be handled by Simion Alb, the former head of the tourism representative office in New York, considered by the industry to be the most valuable specialist in Romania’s tourism promotion and installed a year ago at the head of Paralela 45’s incoming department.<\/p>\n\n\n\n
Gheorghe Fodoreanu filed for the company’s insolvency after Alin Burcea changed his mind and no longer purchased it. The cancellation was decided when the crisis had not yet broken out in Romania, but was already having effects from China, which prompted financial prudence.<\/p>\n\n\n\n
The transaction was valued at approximately EUR 200,000.<\/p>\n\n\n\n
Invitation Invest, on the market since 2006, reported a turnover of RON 15.7 million, a modest loss of RON 4,681, and total debts of RON 1.56 million. Last year, the company had a turnover of RON 11.9 million and a loss of RON 351,484.<\/p>\n\n\n\n
According to termene.ro, total debts are indicated at RON 1.6 million, with no arrears to the state.<\/p>\n\n\n
The deal collapsed due to the outbreak of the coronavirus pandemic, which prompted financial caution as the crisis began to impact the global tourism industry.<\/p>\nWhat was the financial impact on Invitation Invest following the failed deal?<\/strong>\n The company filed for insolvency after being unable to pay its accumulated debts to various hotels across Romania.<\/p>\nWho was slated to lead the agency after the acquisition?<\/strong>\n The agency was to be managed by Simion Alb, a highly regarded tourism promotion specialist and former head of the Romanian tourism office in New York.<\/p>","protected":false},"excerpt":{"rendered":" The transaction between Paralela 45 and Invitation Romania Travel was blocked by coronavirus The transaction through which the owner of the Paralela 45 travel agency, Alin Burcea, was to take control of Invitation Invest\u2014the company owning Invitation Romania Travel, an agency specialized in incoming tourism\u2014signed at the beginning of the year, has collapsed, blocked by…<\/p>\n","protected":false},"author":0,"featured_media":68530,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2858],"tags":[89],"thb-sponsors":[],"class_list":["post-118605","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tourism","tag-burcea"],"article_style_override":"on","post-style":"style2","post_via":"","post-top-image":"https:\/\/rhn.ro\/wp-content\/uploads\/2019\/11\/turism-2.jpg","_links":{"self":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/posts\/118605","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/comments?post=118605"}],"version-history":[{"count":0,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/posts\/118605\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/media\/68530"}],"wp:attachment":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/media?parent=118605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/categories?post=118605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/tags?post=118605"},{"taxonomy":"thb-sponsors","embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/thb-sponsors?post=118605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}