Decision on Hidroelectrica’s insolvency postponed again – Romania, 9 June 2016

On 8 June, the Bucharest Court was supposed to made a decision on the insolvency of the Romanian electricity producer Hidroelectrica, but the deadline was postponed for another week, so the decision will be made on 15 June.
Last week, Hidroelectrica’s judicial administrator Remus Borza announced that the company is ready to exit insolvency next week, namely on 8 June when the next term for the retrial is scheduled at the Bucharest Court. He reminded that in 2012, when his company Euro Insol took over the management of Hidroelectrica, it was the most indebted company in Romania with 1.2 billion euros of debts. But today the company owes nothing and all of its debt has been cleared. In the past three years, the company managed to achieve a combined gross profit of 500 million euros and it was the first insolvent company which managed to pay dividends to its shareholders.

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