Alpha Bank's Romanian arm tries to recover EUR 44mn from real estate firm Ibiza.

By bne IntelliNews January 30, 2012
The Romanian unit of Greece's Alpha Bank started legal procedures at the end of last week seeking to recover EUR 44mn of overdue claims from Spanish real estate developer Ibiza Group, online news provider Capital reported. The Spanish developer is in charge of the Ibiza Sol real estate project in Bucharest. The developer entered into a voluntary insolvency procedure on December 7 and the first meeting of its creditors is scheduled for March. Ibiza Group's management has indicated that they will propose creditors a recovery plan, including cutting down apartment prices, which are at 1,800 EUR per square meter at present. Yet, in the meantime, Alpha Bank has filed in court another insolvency request against the company that will be ruled on May 9. Ibiza Group developed 304 luxury apartments back in 2008, but has managed to sell only 89 of them so far. Alpha Bank also started insolvency against real estate developer Asmita Gardens last autumn, seeking the recovery of EUR 70mn of unpaid debt.
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