Hidroserv paid its debts in advance
On 23.10.2023, Hidroelectrica took note that Hidroserv managed to fully pay the receivables registered in the company’s credit table, respectively: guaranteed receivables, wage receivables, budgetary receivables and indispensable supplier receivables, through the anticipated distribution of the amounts related to the latter quarters from the “Definitive Table”.
The payment of the claims was carried out in accordance with the provisions of the extended and modified reorganization plan, confirmed by the syndic judge according to Civil Sentence no. 121, pronounced by the Bucharest Court, VIIth Civil Section in file no. 36365/3/2016, published in BPI no. 1234/20.10.2023, and in compliance with the conditions stipulated in its content.
This achievement represents the most important stage in the implementation process of the reorganization plan, as it was modified and extended, which creates the real premises for the reinsertion of Hidroserv in the economic and business activity and, in turn, allows the continuation of the strategy of the company’s management to reposition the company as a leader on the market of services specific to the maintenance activity at the level of the national hydropower system.
“Hidroelectrica welcomes the success of Hidroserv and is committed to further supporting the company, so that it continues its process of reinsertion into business activity, relying on competitiveness, seriousness and the quality of services” – said Bogdan Badea, the president of the Hidroelectrica directorate. It is a company that we found insolvent upon taking over the mandate, and today’s success shows that the path we have taken is a positive one. The real recovery is all the more important as the service company is vital for Hidroelectrica’s activity and I want, in the context of the debt settlement announcement, to illustrate the importance of Hidroserv for our company by recalling that recently Hidroserv marked the completion of the modernization works on hydro unit 1 of CHE Slatina, succeeding where other service providers have failed.”
S.S.H. Hidroserv S.A. is a subsidiary of the commercial company producing electricity in hydropower plants “Hidroelectrica” S.A., having the legal form of a joint-stock company. Hidroserv has an experience of 55 years and over 300 hydraulic turbines with a capacity greater than 10 MW repaired and/or modernized. Also, the company has an expertise accumulated in over 50 years of repair and installation of electrical equipment and is a leader in the service and rehabilitation market in the hydropower industry, being recognized as the largest provider of services and electromechanical and hydraulic systems for hydropower plants, by promoting integrated solutions in the field.