Green City Construct company, controlled by the family ofbusinessman Dumitru Bucşaru, owner of Unirea Urziceni footballteam, exited insolvency just two months after the Bucharest Courtof Law issued a decision in this regard, saving thus the biggestvilla project from bankruptcy.
According to ZF information, this is the first and also the fastestlegal reorganisation of a domestic company, considering insolvencymarket players are speaking of reorganisations lasting for three tofour years.
Bucşaru built 526 houses in 1 Decembrie locality of southernBucharest, with 356 houses being raised through Green CityConstruct, which took out loans of over 100m lei from CEC Bank,with this as the largest house project domestically.
As around 40% of the 356 houses were unsold and many of thosebought had been bought via an instalment system set up by adeveloper, so that Bucşaru did not get all the money at once, thebusinessman had to apply for a refinancing of the CEC loan. At thattime, the move failed, so that in January 11, 2011, Green CityConstruct filed for insolvency on its own.
Green City Construct did not offer any information on the measuresadopted through the reorganisation programme by editionclose.
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