A number of leading Dutch developers are on the ropes following the collapse of the real estate market. At end-April, Eurocommerce's creditors seized office buildings ahead of a court decision on the company’s insolvency. The Deventer-based developer is struggling to refinance a EUR 770 mln loan with a group of Dutch banks including ABN Amro, NIBC, Rabobank, SNS en ING and has outstanding payments totalling some EUR 80 mln.
A number of leading Dutch developers are on the ropes following the collapse of the real estate market. At end-April, Eurocommerce's creditors seized office buildings ahead of a court decision on the company’s insolvency. The Deventer-based developer is struggling to refinance a EUR 770 mln loan with a group of Dutch banks including ABN Amro, NIBC, Rabobank, SNS en ING and has outstanding payments totalling some EUR 80 mln.
Earlier this week, residential developer Phanos filed for suspension of payments.
The full story appears in the May edition of PropertyEU Magazine. Click on the link below to subscribe
