City Mall bid to start at EUR 33 million

Newsroom 16/02/2011 | 12:30

The starting price in the bid for the sale of City Mall, which is currently in bankruptcy procedure, stands at EUR 33 million, announced Casa de Insolventa Transilvania, the commercial liquiditator of the center.

The first bid is scheduled for the end of March, and depending on demand and offer more sessions are to be organized by June.

“Although the company entered the simplified bankruptcy procedure at the request of the shareholders, together with the creditors we decidedto maintain the current “going concern” activity to try and preserve the value of a working business. This type of asset will sell as a live business, which is a first  for this type of sales in Romania,” said Radu lotrean, managing partner at Casa de Insolventa Transilvania.

The management of City Mall was recently taken over by Coldwell Banker Affiliates.

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