Romanian real estate developer Nordis enters insolvency

On October 8, the Bucharest Court admitted the insolvency request of one of the creditors of the real estate developer Nordis Management, a real estate group that is developing luxury projects in first-class resorts such as Mamaia on the Black Sea coast, Sinaia in Prahova Valley, or the popular ski resort Poiana Brasov.

The projects are sold as investment instruments to buyers who typically hold a considerable amount of cash and pay the largest part of the money upfront, against the promise of a substantial discount and fancy marketing campaigns targeting a category of buyers who are not particularly risk-averse and prefer keeping a low profile.