Bucharest's City Mall shopping centre, owned by Australia's APNinvestment fund, has entered bankruptcy proceedings at the requestof the owners, which failed to reach an agreement with therepresentatives of UniCredit bank for the restructuring of a40m-euro debt. The project is due to be put up for sale by thelegal liquidator for debts to be covered.
"The request of the debtor (Victoria Holding, the firm that ownsthe shopping centre i.e.) of entering bankruptcy through simplifiedprocedures has been accepted," judge Laura Andrei, vice-presidentof Bucharest Court of Law and the institution's spokesperson, toldZF.
In other words, the firm will no longer try to reorganise, with themanagement to be taken over by the legal liquidator, after thefirm's operating income dropped by 90% this year, amid substantialrent declines.
The most important tenants of the project are Primăvara and Billasupermarkets, Domo electrical home appliances chain or Sprider orHouse of Art apparel retailers.
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