Alpine SA, a major local builder until 2012, went insolvent in the autumn of 2013, several months after its parent company Alpine of Austria went bankrupt.
In 2012, the last year during which the Austrian-held company did not struggle locally, posted revenue worth EUR115 million with around 440 employees, being one of the most dynamic foreign builders locally.
Alpine built Petrom City headquarters of Bucharest, worth EUR130 million, with an area of 100,000 square meters. Also, at the moment it entered insolvency, Alpine worked at the second section of Nadlac-Arad highway, as well as Brasov beltway.
At the moment it went insolvent, Alpine was also the general entrepreneur of office project Hermes Business Campus of Pipera, but the developers of the project, Belgium’s Atenor, decided to continue works with Otagon company after the Austrian company’s bankruptcy.
Over time, Casa de Insolventa Transilvania had other insolvent builders in its portfolio as well, including Romstrade, controlled by Nelu Iordache.
As a matter of fact, a series of builders, particularly Romanian-held ones, have filed for insolvency in recent years, after the crisis hurt the construction market, which contracted by around 40% during recession.
Builders now under insolvency include Vectra Service (controlled by Marcel Butuza), Tehnologica Radion (Theodor Berna) or Confort (Georgica Cornu).
(English version by Catalina Apostoiu)