Gea International Development, the developer of Laguna Residence luxury project in Bucharest, has debts of about €10m according to RVA Insolvency, the judicial administrator of the company.
La Caixa bank has recovered over €11m from Laguna Residence developer, while creditors, various companies and clients have another €34m to recover. The project collapsed in March.
It was supposed to bring 504 luxury apartments to the market, spread over a total of 18 buildings, but none of them were completed.
The judicial administrator report revealed that in 2012 the company had leverage ratios of over 130 percent.
