Bankrupt residential compound in Bucharest, up for sale

Liquidator Edge Business Restructuring has put up for sale the bankrupt residential complex American Village in Pipera, northern Bucharest, with a starting price of EUR 9.3 million. This represents 35% of the debt to the local lender Banca Comerciala Romana, which has financed the project, reports local Dailybusiness.ro. Local company Mainrom Invest, with shareholders registered in the US, has started developing the compound in 2006. The project should have had 126 villas, which are now in various stages of development. The liquidator wants to sell 72 villas, after selling the first 12 when the company was still insolvent. The compound up for sale also includes six apartment blocks, which are still in the structural stage, as well as a club with spa center, swimming pool and play areas. The club was built, but is not yet functional. The assets stretch over a 50,000 sqm. editor@romania-insider.com