Bucşaru files for insolvency of Green City, biggest house project near Bucharest

Businessman Dumitru Bucşaru, also known due to his position as funder of Unirea Urziceni football team, asked for insolvency proceedings to be launched in the case of Green City Construct firm he controls, the developer of the biggest house project near Bucharest, where 520 villas have been completed so far.

The request was registered with the Bucharest Court of Law on January 6, with the trial term being set to tomorrow, January 11, when the court is to decide whether Green City's request is accepted.
Bucşaru has built 520 houses in 1 Decembrie commune in recent years, but according to the latest information provided by the company's representatives, around 200 units were still unsold in late 2009, with the housing units having a market value of around 20m euros.
To develop this project, Bucşaru in March 2009 took out an over 110m RON (around 26m euros) loan from CEC Bank, a loan guaranteed with sums registered in accounts, revenues from sales of homes and other assets and receivables of Green City.
"(...) The plan is to refinance the euro loan and further build the second and third stages of the project," Alexandru Petrescu, a sales manager with Green City, told ZF.