How Bucşaru pulled Green City project out of insolvency in two months
The biggest house project on the Romanian market, Green City in 1 Decembrie commune, developed by businessman Dumitru Bucşaru, has recovered from insolvency just two months after insolvency proceedings began, following the restructuring of the 100 million-lei loan secured from CEC Bank to erect the first 350 houses of the complex.
Bucşaru had an annual 15% interest on the lei-denominated loan secured from CEC, whose repayment deadline has been extended until 2015. CEC has also come up with a special product to finance buyers of homes in the project. "CEC Bank has together with the developer partner identified financial solutions viable for consumers, solutions that will be launched in a financial package that is advantageous to both sides," said Radu Gheţea, CEC Bank chairman.