Five years after the opening Hidroelectricas insolvency procedures, on 30 Marc 2017 the Bucharest Court of Appeal gave the decision no 125 in the case 22456/3/2012, closing definitively the insolvency proceedings of the most important energy producer in Romania.
At the opening of procedures, Hidroelectrica had overall losses of over EUR 170 in the 2011-2012 financial cycle, debts of over EUR 1.1 billion and a net negative treasury of RON 782. At the time Hidroelectica participated in 11 bilateral contracts for electricity supply that were very detrimental for the company and that cannot be ended by Hidroelectrica due to the very negative clauses.
The bilateral contracts generated between 2006-2012 a financial loss of RON 4.8 billio…
Read the full article at: http://www.business-review.eu/news/five-years-on-bucharest-court-of-appeal-closes-hidroelectricas-insolvency-case-134308
