The insolvency house Euro Insol was appointed the judicial liquidator of the real estate complex Green City, located in the Ilfov county, near Bucharest.

Green City is a residential project developed on a 120-hectare plot that belonged to the royal family. It includes 650 villas.

Local investor Dumitru Bucsaru developed the project, through several companies that are now bankrupt or insolvent. Three of them, namely Valahorum, Clean Optim Serv, and Green City, are bankrupt and managed by Euro Insol.

Euro Insol manages two-thirds of the large real estate projects in Bucharest, said Remus Borza, Euro Insol managing partner.

The biggest real estate project Euro Insol has been managing is Asmita Garden. The insolvency house also manages Hidroelectrica, the largest Romanian power producer.

editor@romania-insider.com