Alpha Bank and Bancpost have sent "ultimatums" to Israelicompanies for the repayment of loans worth above 6m euros, afterthe developers that borrowed money to buy plots of land in Romaniano longer built the apartment projects for which land was bought,and hence they could not meet their obligations. Profit Buildingand New Horizon companies, which announced plans for theconstruction of over 1,000 apartments in Romania, are due to payback 1.5m euros to Alpha Bank, as part of a loan worth almost 3meuros taken out for the acquisition of a plot in Piatra Neam],while Intercolony Investments has 5.2m euros falling due today toBancpost, according to Globes Israeli publication. "This is not ageneralised situation. Real estate developers, like any othercompany, draw up business plans depending on a series of parametersthat take into account the market and the situation of their owncompany. There are situations where these business plans cannot bepursued accordingly, and the reasons are multiple, from external tointernal factors. An amiable agreement is preferred. However, whenthe situation requires it, legal recovery ways are resorted to,"explain Bancpost representatives.
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