Engel East Europe: Panorama Project Taken Into Possession By Bank

LONDON (Dow Jones)--Engel East Europe N.V. (EEE.LN), an AIM-listed Central and Eastern European property developer, said Monday it has been informed that the lending bank to E.G. Panorama EOOD, the company that owns the Panorama project in Bulgaria, has appointed an executer to take possession of the project. MAIN FACTS: -Engel has a 40% interest in E.G. Panorama. -The loan to E.G. Panorama is non recourse to rest of the Engel group. -Shares closed at 0.88 pence Friday. -By Elliott Ball, Dow Jones Newswires; 44-20-7842-9314; elliott.ball@dowjones.com (END) Dow Jones Newswires June 14, 2010 02:48 ET (06:48 GMT)