Avrig 35, one of the largest real estate developers in Romania, said it plans to pay off $50m in debts over the next two months.
Currently the company has $80m worth of debt, according to Alexander Hergan, one of Avrig 35’s shareholders. The news comes after Russell Wasendorf Sr., one of three founding partners of Avrig 35, tried to commit suicide after he was accused of stealing $200m from the company, according to a report in Daily Business.
In 2007, Avrig 35’s profits topped $1bn. Today the group’s profits have dipped below $45m, according to Daily Business. In addition to its financial woes, four of Avrig 35’s projects are insolvent and one is bankrupt.
