At the beginning of the year, the Bucharest Court decided to open insolvency proceedings with the developer of the luxury project Ibiza Sol.
Its main creditors, Raiffeisen Bank and Alpha Bank, have now decided to assign a new receiver, Euro Insol, the company which is also handling insolvency proceedings in the case of the Asmita Gardens complex.
Ibiza Sol is a 14-building project located in Pipera which was completed three years ago.
Just 98 of the 304 apartments were ever sold, none of which were sold in the last nine months.
The development represents an investment of €60m, of which €38m was borrowed by Raiffeisen Banka and Alpha Bank.
