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

Autor: Cristi Moga

10.01.2011, 00:05 25

Businessman Dumitru Bucşaru, also known due to his position asfunder of Unirea Urziceni football team, asked for insolvencyproceedings to be launched in the case of Green City Construct firmhe controls, the developer of the biggest house project nearBucharest, where 520 villas have been completed so far.


The request was registered with the Bucharest Court of Law onJanuary 6, with the trial term being set to tomorrow, January 11,when the court is to decide whether Green City's request isaccepted.
Bucşaru has built 520 houses in 1 Decembrie commune in recentyears, but according to the latest information provided by thecompany's representatives, around 200 units were still unsold inlate 2009, with the housing units having a market value of around20m euros.
To develop this project, Bucşaru in March 2009 took out an over110m RON (around 26m euros) loan from CEC Bank, a loan guaranteedwith sums registered in accounts, revenues from sales of homes andother assets and receivables of Green City.
"(...) The plan is to refinance the euro loan and further build thesecond and third stages of the project," Alexandru Petrescu, asales manager with Green City, told ZF.

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