Green City project nears insolvency

Businessman Dumitru Bucsaru, who also owns the football club Unirea Urziceni, sought the insolvency of the company that develops the Green City residential project in the ‘1 Decembrie’ commune near Bucharest, Ziarul Financiar announ­ces. The Bucharest tribunal will give its verdict in this case today. Compa­ny officials say the reorganisation is necessary because of a credit worth RON 110 M (EUR 26 M) taken last spring from CEC Bank, at an annual interest rate of 15 pc. They claim the company attempted to renegotiate the loan and turn it into EUR, but CEC Bank apparently disagreed. Company officials said this measure aims at keeping the price of houses at its current level.

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