Real estate developer Impact Developer & Contractor, foundedin the early '90s by businessman Dan Ioan Popp, has enteredinsolvency proceedings at the request of construction firmRomconstruct based in Ploiesti, which demands the payment of a 1.3million-RON (308,000-euro) debt, equivalent to three apartmentsbuilt by Impact.
In response, the representatives of Impact, one of the fewdevelopers to have built more than 1,000 homes in Romania, haveorganised a press conference to announce they will challenge theruling of the Bucharest Court of Law. They say the firm has thefinancial capability to pay the debt, which it does not, however,acknowledge.
"I don't think we will get to the reorganisation stage, and even ifwe do, the company's assets are worth around 480 million RON, whilethe overall debts amount to just 150 million RON," specified CarmenSandulescu, CFO and minority shareholder of Impact.
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