"Euro Habitat" promises to resume work on "Planorama" within three weeks

• Management says "Piraeus Bank" accepted to refinance the project

• Customers who paid their apartments in full will soon receive their titles of ownership

Shareholders and managers of "Euro Habitat", the developer of residential complex "Planorama", requested a new credit line from "Piraeus Bank" which would allow them to complete the project. Managers of "Euro Habitat" had the following to say: "After long discussions and negotiations with in Bucharest and Athens, a new credit line has been approved for . We will soon sign a contract with the bank. We hope to resume work on the project within three weeks at the latest".

Managers of "Euro Habitat" said that "Piraeus Bank" accepted to lift the liens off the apartments that were paid in full. Procedures are underway for "Euro Habitat" to sign appendixes to the original contracts which would allow customers who paid the full price for their apartments to receive their titles of ownership. Once the additional agreements are signed and the finishings of the T3 building are completed, customers will be able to take ownership of their homes, "Euro Habitat" said.

Shareholders and managers of "Euro Habitat" recently hired "BSR Group" to rescue the project and complete construction, in cooperation with a new developer. Officials of "Euro Habitat" said: "We would ask of "Planorama" customers to have a little more patience while we complete the T3 building and begin construction of the remaining blocks".

Shareholders of "Euro Habitat" SRL have invested over 14 million euros in the past three years in this project, company officials said. The amount invested exceeded the initial loan of 10 million Euros, company officials said: "The bank refused to grant us a new loan, citing the international financial crisis. Shareholders were reluctant to invest additional funds if the bank refused to participate. These issues have caused an eight-month interruption in the construction of . This caused some of the buyers to cancel their contracts. accepted these cancellations, even though it knew it would have trouble paying these customers their money back. This caused the company"s accounts to be frozen".

Officials of "Euro Habitat" denied the claims of some of their customers that they refused to discuss the future of the project. "We talk to customers who come to see us personally, based on a set appointment", company representatives said, who added that they were doing everything in their power to solve the current issues within the briefest delays.