Creditor takes over insolvent shopping center in eastern Romania

Belgian real estate developer Belrom’s Hello Shopping Park in Bacau, eastern Romania, was taken over by KBC Bank, which was the project’s secured creditor. The shopping center, which was opened in 2008, went insolvent in 2013. The Dutch bank KBC Bank NV had a secured claim of EUR 21 million to recover from the company. The mall was valued at exactly EUR 21 million. KBC also had an unsecured claim worth EUR 22.5 million on the company, reports local Economica.net. Bel Rom Cinci, the company that owns the shopping center, recorded a turnover of EUR 2.67 million and a net loss of EUR 1.25 million in 2014. It had four employees. Belrom owns another two insolvent malls, for which it seeks buyers, one in Craiova and the other one in Focsani. editor@romania-insider.com (photo source: hello shopping park on facebook)