By restructuring its loan, Cocor has avoided foreclosure procedures for defaulting on its debts, Cocor said in a press release Monday.
The shopping center will pay back the loan in 26 installments by July 2015.
Cocor and BCR also agreed to cancel penalties for payment delays amassed do far and lower the annual interest rate on the loan.
The owners of the mall said in October 2012 BCR was foreclosing on the shopping center and would auction it off at a starting price of 134.9 million lei (about EUR29.7 million) on November 16.
Later, the bank approved the suspension of foreclosure procedures targeting Cocor.
The shopping center operator borrowed about EUR19 million from BCR to finance works to modernize Cocor. Following investments worth about EUR25 million, the mall’s lettable area increased from 6,000 square meters to 10,000 sqm. Cocor was reopened in October 2010.
Cocor Bucuresti (COCR.RO), which operates the shopping center, is owned by investment fund Broadhurst Investments, with a 13.32% stake, SIF Transilvania (SIF3.RO), with 10.24% of the shares, SIF Muntenia (SIF4.RO), which holds a 10% stake in the company, and businesspeople Daniel Stoica (14.66%), Liviu Ursan (14.83%) and Aurel Besliu (over 7%).