The residential project Green Lake, located to the north of Bucharest on Grivita Lake, is likely to exit insolvency after the creditors accepted a plan for its reorganization.
Bancpost, the major creditor, will provide the developer with a loan of RON 52.4m. The information has been confirmed by sources close to the situation.
Under the new reorganization plan, debts will be covered at 100 percent, wages will be covered by 80 percent and budgetary claims of 50 percent.
It covers a period of three months, after which, in mid-July, the project should emerge from a state of insolvency, which began last summer.
Green Lake is a 110,000 sqm residential project built on an area of 107,000 sqm by the development company Quality Living Developers (QLD).
