Real estate developer Avrig 35, which developed projects such asCharles de Gaulle Plaza office building and Iris Titan shoppingcentre, has joined the string of insolvencies with three firms ofthe group (Office Development, Focsani Investment and Piatra-NeamtDevelopment), which took out 15 million-euro loans from Bancpost,Banca Romaneasca and National Bank of Greece between 2006 and2007.
The insolvency has, however, not been request by banks, but byBonotel Ltd, a consultant of the company, to which Avrig 35 oweshundreds of thousands of euros.
"We chose to start insolvency proceedings for these companies asa result of disagreements with a consultant. The company oweshundreds of thousands of euros to it, which were not paid becausethe consultant in turn failed to meet its commitment to investalongside us in certain projects. We are hoping to reach anagreement with it over the next few weeks and pull the companiesout of insolvency in three to six months," Haydn Wright, the newCEO of Avrig 35, a company that holds over 50 properties in Romaniathrough 35 different companies and has developed projects worthover 300 million euros in the last five years.
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