Bucharest court declares Romania's Eurosmart Investment insolvent

The insolvency procedure was launched at the request of the company itself, the court said in a notice published on its website last week.

The court appointed Casa de Insolventa Transilvania as the judicial administrator.

Eurosmart Investment had total debts of 50 million lei ($14.3 million/10.9 million euro) at the end of 2011, according to data from the Romanian finance ministry's website.

It reported 1.7 million lei net profit on 3.8 million lei turnover for last year.

Local media reported that Eurosmart Investment has developed a residential project comprising 50 luxury apartments in Bucharest's downtown.

(1 euro = 4.5732 Romanian lei)