On June 30th 2009 Harju County Court appointed Nordic CF Advisory’s partner, Jako Kruuse as one of reorganisation advisers of Euro Truck Trade Center’s reorganisation proceedings. In cooperation with the other reorganisation adviser Marko Tali from United Partners Advisory the first task is to identify the amount of company’s debts and assets and its quality. The next step is a creation of a realistic and implementable reorganisation plan. If the creditors and the court approve the plan, hopefully a successful reorganisation of the company will take place.

The Estonian Reorganisation Act, which came into force half a year ago and gives a possibility to reorganise a company by using reorganisation protection, is very welcomed and necessary, said Jako Kruuse. “Of course, the reorganisation process is complex, lengthy and depends on many different things. Unlike the bankruptcy proceeding that is often compared as a burial of a company, the reorganisation is more like a therapy. Only time will show whether the therapy is successful or not, but in my opinion, Euro Truck Trade Center certainly deserves a chance,” said Kruuse.

Since the reorganisation proceeding is new in Estonia, reorganisation advisers, companies, creditors and even courts lack of respective long-term experience in this matter. Reorganisation is similar to founding of a new company, only with a slight difference – the company has several problems to solve from the first day. Because of that, the role of reorganisation adviser is very important. Even if being reorganisation adviser is new for Jako, he has a lot of experience in restructuring and healing of companies and the nature of this process is rather familiar to him.

Euro Truck Trade Center was founded in 1998. Its main field of activity is related to sales and mediation of new and used trucks. At the beginning, the company’s sale focus was set to the Baltic states, but recently it has moved towards the other export markets, such as Middle-Eastern, African and South-American countries. The turnover of the company was approximately EUR 6.9 million in 2008 and EUR 13.2 million in 2007. The company won the title of business newspaper Äripäev as the fastest growing company in Estonia in 2000.