However, Codecs’s debt load stands at 3 million euros (0.71 mn euros) to various providers and agents.

“I hope we recover our money soon, so we can pay our own debts. I don’t know exactly how many of our clients owe us money, because I joined the company in July 20, but I did ask for a detailed report on Codecs’ current situation”, Adrian Dan Babutan, Codecs’ CEO told Wall-Street.

In 2007, the company borrowed 2.7 million euros from Eximbank to finance the construction of its second office in Bucharest.

“Up to now, we repaid only one million euros of the total borrowed amount. The 2007 loan is the only one we have”, said Babutan.

Together with Ionel Chera, the chairman of the company, Babutan is filling the position left vacant by Catalin Ionescu, former chairman and CEO of Codecs.

Babutan, the most important among the 25 shareholders of the training company holds 17.08% equity in Codecs.