Investors stand to lose on Bulgarian apartments

Up to 200 Irish investors may stand to lose €6.5m after the developers of a Bulgarian apartment complex that they had bought into went into liquidation.

The builders of the Panoris holiday resort walked off-site when they learned that its Dutch developers had run out of money.

Platinum Developments, the Dublin-based firm that sold the apartments here, has told investors that they are trying to put a rescue deal together.

The company is trying to take over the site, which is close to completion.

Platinum said that it had investigated the Dutch firm before agreeing to act as its Irish agents, and that its reputation was solid.

Individual investors stand to lose between €15,000 and €50,000.