The Bucharest Court approved Monday the lender’s insolvency request against INR Management Real Estate and appointed Euro Insol as legal administrator.
Euro Insol said creditors BCR and DITL Brasov had launched forced execution proceedings against the real estate firm several times before.
INR Management Real Estate, whose debts amount to RON380 million, was recently acquired by investment fund UNI-ASIA Holdings.
BCR announced Tuesday that it plans to auction RON378.5 million (EUR85 million) of accounts receivable on the Silver Mountain real estate project. Eligible bidders may submit letters of intent by September 6, BCR said in a statement.
Silver Mountain comprises 200 luxury apartments and the project included the construction of another 1,000 apartments and villas, as well as of a 200-room hotel. The new owners recently announced they want to build an 800-room hotel instead of the apartments, according to a report from Ziarul Financiar.