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].
Montenegro’s government has decided to speed up the acquisition of Italian A2A's stake in the power firm EPCG, paying €68.9mn for a ... more
LNG Hrvatska has reportedly received just one binding offer to lease capacity at the planned planned liquefied natural gas (LNG) terminal on the Croatian island of Krk, unnamed sources ... more
Finland has issued a second and final permit for the construction of the controversial Nord Stream II pipeline that is to pump gas from Russia directly to Germany via a Baltic Sea route, the Regional ... more