RTPR advises Chimopar on land sale in Bucharest

RTPR has assisted Chimopar S.A. in relation to the sale of a plot of land with a surface of over 20 hectares located on Theodor Pallady Boulevard in Bucharest. The value of the transaction exceeds 25 million euros. Chimopar S.A. is in bankruptcy, represented by Fiducia SPRL, through Cristian Siliște.

The team of lawyers who assisted the client on this project included Partner Raluca Nastase and Counsels Ianita Tui and Alexandru Stanoiu.

We are happy to have successfully closed this transaction and would like to thank our clients for putting their trust in us. It was an interesting project, which involved many complex legal aspects, especially real estate, as well as insolvency matters”, declared Raluca Nastase, Partner RTPR.

Chimopar (former Dudești Chemical Enterprise) is one of the oldest companies in the Romanian chemical industry. SC Chimopar SA has its origins in the Army Powder Factory, a production unit for special chemicals, founded in 1896.

Since 1991 the company has become a joint stock company with majority state capital, and since 1999 a joint stock company with wholly private capital . The main activity of the company is technological research, but also the production of chemical fertilizers.

One year ago, the creditors of Chimopar SA, which has been bankrupt since 2014, approved the sale of three plots of land from the old industrial platform. Ionuț Negoiță was interested in acquiring the land. In addition, the retailer Dedeman would buy over 16,000 sq m here, economica.net reported.

In 2012, UniCredit Ţiriac Bank, as it was called at the time, claimed Chimopar’s insolvency for debts of 3.97 million euros from a loan granted in 2007. The loan was secured by a 23-hectare plot of land located on Bulevardul Theodor Pallady from the Capital, and 2014 came with the declaration of bankruptcy. The company is today owned by Sidal Real Estate SRL and Techno Chem Products registered in Lebanon. In 2011, Chimopar sold a 35-hectare plot of land from the platform to Maveco Holdings for 18 million euros. At that time, Jafco Holding Romania, controlled by Lebanese businessman Jamal Imad, owned 81.7% of the shares of Chimopar.

bankrutpcyBucharestChimoparplot of landRTPRsaleTheodor Pallady Boulevard
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