CET Govora recorded profit after entering insolvency – Romania, 19 December 2016

Romanian electricity producer CET Govora recorded a total operating profit in September, October and November in the amount of some 2 million euros, after losses of over 74 million euros reported at the time the company went into insolvency this summer, announced the company’s judicial administrator Euro Insol.
The statement from Euro Insol said that on 9 May this year, the Valcea Court opened the insolvency proceedings of CET Govora due to depreciation of financial indicators: losses of over 74 million euros, debts of 96.9 million euros and liquidities in banks of less than 40,000 euros, considering that only monthly salary fund exceeded 2 million euros. After entering insolvency, CET Govora recorded a profit of 0.44 million euros in September, 0.75 million euros in October and 0.8 million euros in November.

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