The company filed for insolvency at the end of 2019 and its court-appointed trustee is CITR. Octagon blamed the skyrocketing construction material prices and the rise of labor costs for its insolvency, as the contracts signed with its customers used 2017 prices.
As a general contractor, Octagon worked on the residential complex Baba Nova, on Auchan Drumul Taberei retail complex and on the Hermes Business Campus office buildings that Atenor developed in Pipera, Bucharest, among others. It also built Green Court office space complex on Barbu Vacarescu, Bucharest.
Octagon’s was one of the biggest insolvencies of 2019.
(English version by Loredana Fratila-Cristescu)