The company’s €7 million capital hike should end on January 12, a measure aimed at reviving sales that nearly halved in the nine months through September 2009 and pushed it into insolvency in early December.

Romania’s third largest tech retailer entered insolvency after the restructuring plan for the €17.5 million debt to ING, the company’s primary lender, has failed. Flamingo borrowed another €8.5 million from UniCredit Tiriac Bank and €6 million from BRD.

Flamingo’s creditors will meet on February 25 to decide whether to support the company’s reorganization plan or not.