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. |
Romania's government has earmarked RON 163mn (EUR 37mn) worth of subsidies for 2013 under a programme aimed at closing down the loss-making mines of local company CNH located in the southwestern ... more
Romanian state-controlled hydropower company Hidroelectrica sold on Thursday, March 21, in several separate contracts a total of 0.3TWh of baseload electricity deliverable between April 1 and the ... more
The Romanian government will publish the privatisation call for freight railway company CFR Marfa immediately after the consultants complete their work, probably on April 6-8, Romanian transport ... more