Grand Mall Varna's owner in talks to renegotiate 3.1M euro loan
Cayman Islands-based real estate investment trust Orchid Developments Group Ltd, the owner of the Grand Mall Varna shopping centre in Bulgaria's Black Sea city of Varna, has started talks with Raiffeisenbank AG to renegotiate the repayment terms of a 3.1 million euro loan.
The loan was obtained for the construction of Business Centre Varna, a project implemented by its subsidiary Orchid Centre Varna EOOD. The company, however, decided earlier to freeze the project because of the economic crisis and wait for better market conditions.
http://sofiaecho.com/2011/11/30/1215515_grand-mall-varnas-owner-in-talks-to-renegotiate-31m-euro-loan