Greenlake Development, the developer of the Green Lake residential project located in Northern Bucharest has recently filed an insolvency application to the Bucharest Court. The first term was established for June 1.

Green Lake is a residential project of 110,000 sqm located in northern Bucharest, built on the lake Grivita by Quality Living Developers real estate development company. The complex belongs to a group of businessmen from Greece, through Greenlake Development, and should include over 540 apartments and villas, the investment being estimated at EUR 100 million. The first phase of the project, totalling about 160 apartments and villas, has been completed.

Greenlake Development is owned by Quality Living Developers, registered in Romania, and by Edetrio Holdings headquarterd in Cyprus. At the end of 2009, the company's debt exceeded EUR 36 million.

Irina Popescu, irina.popescu@romania-insider.com