The creditors of Romanian state-controlled energy firm Hidroelectrica – currently under insolvency, have approved its reorganisation plan drafted by the court-appointed manager, Mediafax reported.
Out of the 311 creditors, 98.7% approved the reorganisation. The court is now supposed to endorse the plan and will decide on this on June 26.
The endorsement would mean that Hidroelectrica has completed the reorganisation and can exit the insolvency. The court can in principle alternatively decide that the company should remain under insolvency.
The insolvency procedure, started last June, can take up to two years. The interim management of the company – an insolvency firm, announced however that the company has implemented the reorganisation and can resume regular operations.
Hidroelectrica reported a RON 380mn [EUR 85mn] gross profit for Jan-May versus a RON 434mn gross profit planned for the whole year. The company’s debt totals RON 3.6bn [EUR 800mn].
Three months after Hidroelectrica exits insolvency, the government will carry out an IPO – under the stand-by agreement with the IMF.
Romania’s government holds 80% in Hidroelectrica, with the remaining 20% are in the hands of restitution fund Property Fund [Fondul Proprietatea].
Related Articles
INTERVIEW: Biomethane can make up Ukraine’s gas shortfall - Ukraine Bioenergy Association
Ukraine is rapidly developing its biomethane sector with ambitions to become a major European supplier. Georgii Geletukha, head of the board at the Bioenergy Association of Ukraine, told bne ... more
Poland’s Orlen signs deal to supply Ukraine with LNG
Ukraine’s Naftogaz will purchase 100mn cubic metres of LNG from Poland’s Orlen, Ukraine’s biggest state-owned energy firm announced on March 7. The LNG will be transported from cargoes ... more
OPEC+ continues with production plan despite Trump’s demands
OPEC+ has decided to continue with its current oil production plans after a review meeting on February 2 despite calls from US President Donald Trump to lower crude prices. According to a ... more
Most Read
-
Putin to skip Rio BRICS summit over ICC warrant as Xi signals no-show
11 days ago
-
Turkey yet to prove rare earth deposit has suggested “giant” potential despite reported processing talks with China
10 months ago
-
Uproar in Mongolia as development bank reveals scale of risky loans and NPLs
3 years ago