Bucharest Court rejects insolvency application filed by Green Lake

The Bucharest Court has rejected the insolvency application filed by Greenlake Development Company, the developer of Green Lake residential complex located in northern Bucharest. The insolvency application was filed in late May. Green Lake is a residential project of 110,000 sqm located in northern Bucharest, built on the lake Grivita by Quality Living Developers real estate development company. The complex belongs to a group of businessmen from Greece, through Greenlake Development, and should include over 540 apartments and villas, the investment being estimated at EUR 100 million. The first phase of the project, totalling about 160 apartments and villas, has been completed. At the end of 2009, the company’s debt exceeded EUR 36 million. Irina Popescu, irina.popescu@romania-insider.com