The Romanian Commercial Bank (BCR) has started insolvency proceedings against MH Bucharest Development. MH Bucharest Development took over Ablon last summer and has been unable to pay off its loans. The development company has since filed for bankruptcy. Ablon’s Romania land bank totaled 70 ha, which it planned to develop into residential and office projects. The company was planning to build 116 mansions on a 9.4 ha plot in Mogosoaia, when MH Bucharest Development took it over.
