Hidroelectrica judicial administrator, EUR 50,000/month fee

Euro Insol was reconfirmed as judicial administrator of Hidroelectrica by 99 pc of the votes cast at the first Hidroelectrica creditors’ meeting, according to a press release. Also, the Euro Insol monthly fee was established at EUR 50,000 a month by  97 pc of the creditors’ votes, adding to which is a success fee of EUR 1 M to EUR 3 M, depending on the date Hidroelectrica will be out of insolvency. Better said, Euro Insol will get EUR 3 M if it manages to take Hidroelectrica out of insolvency by January 1, 2014. If the proceedings are completed after January 1, 2014, the fee will equal EUR 999,999. The creditors accepted to pay such fee on condition the company gets streamlined and not bankrupt.The Creditors’ Committee will be made up of BRD, ING, Unicredit, BCR and the Ministry of Economy. Remus Borza, head of Euro Insol, took this opportunity to thank President Traian Basescu for his “non-combat” over the downsizing of the state-owned company.  Borza said that the Hidroelectrica insolvency will be a success story to be replicated by other companies as well.  “Some said I were Ponta’s man, others, Basescu’s. I’m nobody’s man, just a good Romanian,” Borza also said. The total amount demanded from Hidroelectrica comes to RON 5.5 bln, of which the judicial administrator only admitted accounts receivable worth RON 3.5 bln.

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