On October 8, the Bucharest Court admitted the insolvency request of one of the creditors of the real estate developer Nordis Management, a real estate group that is developing luxury projects in first-class resorts such as Mamaia on the Black Sea coast, Sinaia in Prahova Valley, or the popular ski resort Poiana Brasov. The projects are sold as investment instruments to buyers who typically hold a considerable amount of cash and pay the largest part of the money upfront, against the promise of a substantial discount and fancy marketing campaigns targeting a category of buyers who are not particularly risk-averse and prefer keeping a low profile. Furthermore, customers are reportedly banned from disclosing details of their contracts under a special clause, and this contributed to rather diffused rumors about the solidity of the business than clear elements.
Even so, Nordis frequently came under attack from its customers, particularly following delays in the development of the projects and failure to communicate. The insolvency faced by Nordis coincides with a more challenging period faced by the real estate developer. On October 9, the same court is expected to rule on another insolvency request filed by about 20 creditors against Nordis, according to .
Later, on October 10, the court will evaluate a request filed by Nordis to trigger the pre-insolvency procedure and thus put the company's assets under protection under the restructuring period. Local investigative platform rec.
