Bucharest Court granted the application for opening insolvency proceedings on Alia Estate, the developer of the luxury residential Alia Apartments. The application was filed by Transylvania Insolvency House, a specialist company that will work with the developer’s management to come up with a reorganization plan that will allow Alia Estate’s activities to continue. Alia Estate (part of the Spanish grup Alius) completed the 3-building, 124-unit project in 2010, but only managed to sell 11 of the flats last year.
