Green City project taken over by Euro Insol

M&A alert. Insolvency administrator Euro Insol takes over ailing Green City project

Newsroom 25/04/2016 | 15:36

The residential project Green City, which was developed by Romanian businessman Dumitru Bucsaru, has been taken over by insolvency firm Euro Insol, following a court decision.

Euro Insol will be the judicial liquidator of the housing project, which spans 120 hectares in 1 Decembrie locality, near Bucharest. Green City comprises only villas.

The firms that had developed the large scale residential project are either insolvent or bankrupt.

Remus Borza, the managing partner of Euro Insol, said his firm is already handling two thirds of the largest real estate projects in Bucharest.

“We know very well this project, because Euro Insol has sold in the past tens of houses within the project developed by two of Bucsaru’s firms,” said Borza, adding that Green City is very popular and easy to sell.