On 21 June, the Bucharest Court decided on the closure of insolvency proceeding for the Romanian electricity producer Hidroelectrica.
This was announced by the company’s judicial administrator Remus Borza, who added that the decision is not final, but is enforceable. 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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Tags: electricity, Fondul Proprietatea, FP, Hidroelectrica, insolvency, IPO, listing, Romania