The Bucharest Court of Appeal decided to permanently close the insolvency procedure of Hidroelectrica, one of the most profitable state-owned companies, almost five years after the company filed for insolvency, reports local News.ro.
When the insolvency procedure was opened, Hidroelectrica had 11 ongoing bilateral contracts for electricity supply at prices considered damaging to the company. They couldnt be terminated by the producer due to unfavorable terms.
Hidroelectrica went through judicial reorganization from June 2012 until June 2016, but in two phases. The judicial administrator had denounced all the damaging contracts for Hidroelectrica by June 2013, when the insolvency procedure was first closed. The adminis…
Read the full article at: http://www.romania-insider.com/insolvency-procedure-romanias-largest-power-producer-closed-court/
