The biggest house project on the Romanian market, Green City in 1 Decembrie commune, developed by businessman Dumitru Bucşaru, has recovered from insolvency just two months after insolvency proceedings began, following the restructuring of the 100 million-lei loan secured from CEC Bank to erect the first 350 houses of the complex.
"The debts featured in the statement of affairs amounted to just 40,000 lei. The deadlines for repaying the loan and the cost of the funding were the only reasons why we filed for insolvency. Now these matters have been resolved," Dumitru Bucşaru, also known for being the financer of Unirea Urziceni football team, told ZF.
Bucşaru had an annual 15% interest on the lei-denominated loan secured from CEC, whose repayment deadline has been extended until 2015. CEC has also come up with a special product to finance buyers of homes in the project. "CEC Bank has together with the developer partner identified financial solutions viable for consumers, solutions that will be launched in a financial package that is advantageous to both sides," said Radu Gheţea, CEC Bank chairman.
The biggest house project on the Romanian market, Green City in 1 Decembrie commune, developed by businessman Dumitru Bucşaru, has recovered from insolvency just two months after insolvency proceedings began, following the restructuring of the 100 million-lei loan secured from CEC Bank to erect the first 350 houses of the complex.
"The debts featured in the statement of affairs amounted to just 40,000 lei. The deadlines for repaying the loan and the cost of the funding were the only reasons why we filed for insolvency. Now these matters have been resolved," Dumitru Bucşaru, also known for being the financer of Unirea Urziceni football team, told ZF.
Bucşaru had an annual 15% interest on the lei-denominated loan secured from CEC, whose repay
