The complex is developed by the company BRC Business Group, was approved on Thursday, according to a release of Euro Insol, company, cited by Mediafax.
Following the financial crises and the real estate market crash, on 26th of January 2012 the developer of the project Citadella Titan asked for its insolvency in Bucharest Court, request admitted. BRC Business Group has 71 million lei debts, including 38 million lei to BCR.
“The reorganization plan proposed by the judicial administrator provides the capitalization of the entire asset, Citadella Titan, to an investor for the price of EUR 6.85 million +VAT or the sale of the asset per locative units, in retail system for the price of EUR 10.402 million + VAT. The plan also allows the takeover of the asset by the secured creditor BCR and/or by any other person/company to subrogate the rights and obligations of the secured creditor ", the release also mentions. (source: wall-street.ro)