Borza: Hidroelectrica to exit insolvency in June 2015 the latest
Remus Borza, the manager of Euro Insol, the judicial administrator of energy company Hidroelectrica, estimated that May or June next year might be the date when the power company might exist insolvency. He also said that he expects that the Department of Energy approves the almost 1 million Euro worth commission, otherwise, he ends the judicial mandate. 2014-05-29 15:24:32
According to his statement, Borza decreased the value of his commission from 2 million Euro to 934.000 Euro. Euro Insol cashed in a commission worth 2.2. million Euro for 2012-2013. Hidroelectrica has managed to exit the first insolvency in June 2013 and, at one year since it declares incapacity of payments, the company has laid off 700 employees, annulled direct contracts through which it had lost over EUR 1 billion and recorded a turnover of RON 399 million in the first five months of this year, compared to losses of RON 190 million in the same period of last year.
At the end of 2013, the company representatives said that by 2014, Hidroelectrica planned to sell 88 small hydropower plants, representing 1 percent of the overall installed power, due to significant operational and maintenance costs.
Hidroelectrica shareholders are the Romanian state with 80.05 percent of shares and Fondul Proprietatea, with 19.95 percent.
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