RADET filed for insolvency – Romania, 22 September 2016

After a decision made by Bucharest General Council, the city’s thermal energy distributor RADET filed for insolvency, while its is expected that RADET’s main supplier ELCEN will soon follow.
Mayor of Bucharest Gabriela Firea said that the comapny’s insolvency will not lead to layoffs and it was introduced in order to save the company and restructure it. She added that the supply of thermal energy to the citizens of Bucharest will not be interrupted. Insolvency also means that company’s creditors will not be able to start enforcement procedures to recover unpaid debt from RADET, therefore the debt that cannot be justified will not be repaid. The insolvency of RADET was also welcomed by the Romanian Minister of Energy Victor Grigorescu.

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