Hidroelectrica closes the fifth credit line in the last five months
Power producer Hidroelectrica announced it had closed a credit line worth 30 million Euro secured from RBS Bank in 2008, this being the fifth reimburse in the last five months. 2014-08-05 10:59:15
The loan taken from RBS has been successively prolonged between 2009 and 2013, due to the lack of funds of Hidroelectrica in order to close it to maturity due. Hidroelectica also closed 80 million lei loan funding from Alpha Bank in March this year, a loan worth 120 million lei taken from Banca Transilvania and closed in April, respectively 110 million Euro secured from EBRD and paid in April. Hidroelectica also paid a loan of 75 million Euro secured from Citibank and fully paid in June this year.
The company announced that, by yearend, it would take a loan of 60 million Euro with maturity due in November. Since it entered insolvency in June 2012, the company reduced the credit debts by 76 per cent, from 841 million Euro to 204 million Euro, due to a positive cash-flow of 294 million Euro calculated in the first semester of this year. Also, the power producer announced it recorded a gross profit of 509 million lei in the first half this year, also contributing to the positive result.
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