Spanish real estate developer Martinsa-Fadesa has started liquidating its assets. The company, which had been active in Romania before the crisis, was declared insolvent in 2008 but managed to reach an agreement with its creditors to refinance its debt in March 2011. However, Martinsa-Fadesa was unable to maintain its end of the agreement.
The company has 14 residential plots covering 80 ha in Bucharest and Bacau. Martinsa-Fadesa had planned to develop 2,000 houses on 6.6 ha in Bacau, but construction never got underway. Another scheme involving 7,600 apartments was planned for Ştefăneştii de Jos near Bucharest, but it, too, has been canceled.
