Court approves insolvency for owner of Pullman hotel in Bucharest

Wall Trade Center Bucuresti, the company which runs the Pullman hotel in the Romanian capital city has become insolvent, the court having decided the company should start the reorganization procedures. Wall Trade Center Bucuresti filed for insolvency at the beginning of June this year, as it was unable to pay or roll over debts of over USD 65 million. The company's shareholders include the Bucharest municipality, Fondul Proprietatea, SIF Muntenia, Bouygues, Tarom, Romania's Chamber of Commerce. The company was set up in 1991 and owns a real estate compound which includes the Pullman hotel North of Bucharest, a conference center, the Plaza exhibition center, retail spaces and office spaces. Pullman is the former Sofitel hotel in Bucharest, which re-branded at the beginning of 2009. editor@romania-insider.com (Photo source: Pullman)