Three construction companies were successful in getting the court to declare the Grand Arena shopping center in the southern area of Bucharest insolvent. The shopping center, owned by French business people via the company Euroinvest Intermed became insolvent at the end of 2012.

The construction companies Arcon Constructions, Climatehnic and CZ&C filed a request for insolvency for the shopping center, which was opened back in 2009. Grand Arena, which opened with a low occupancy rate, saw the number of retailers decreasing in time. The owners can now reorganize the shopping center's activity and try to find financing to cover debt and get back on track.

This is the third shopping center in the south of Bucharest to go insolvent, after City Mall, which was eventually sold for EUR 17 million, and Liberty Center, which was taken over last year by banks via forced execution.

editor@romania-insider.com

(photo source: Grand Arena website)