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The "Geostruct" Case: Two Bankruptcies of One Building
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The court declared Geostruct bankrupt until its buildings on Bulgaria Blvd. and Simeonovsko Shose Blvd. are put into operation. Greenfield buyers are faced with a dilemma whether to join the creditors' queue or ask for their preliminary contracts to become final. A poorly managed expansion is the likely reason the investor stopped paying and went into debt by 33 million euros, mainly to its creditor, FIB. "Although we have only recently become p…
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