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December 7, 2021

New postponement in Hidroelectrica case

The Court of Appeals has postponed yesterday a decision on whether Hidroelectrica will remain in or will be taken out of insolvency, a new hearing being scheduled for October 18, realitatea.net informs. A decision had previously been postponed on October 4 for October 11. According to the Court, one member of the three-judge panel is ill so it was impossible to take a decision. The appeals against the Bucharest Court’s June 20 decision were filed by Alpiq RomIndustries and Alpiq RomEnergie and by the Hidrosind union. Remus Borza, head of the Euro Insol company (Hidroelectrica’s trustee in bankruptcy) pointed out in a communiqué that “if the Bucharest Court of Appeals admits the appeals filed by the “smart guys,” then the decision to open Hidroelectrica’s insolvency will be canceled, the consequence being a return to the prior situation, in other words the reactivation of the bilateral contracts signed with the ten traders.” Hidrosind representatives consider that the appeals have to be admitted so that the employees can continue receiving their salaries, while the trustee in bankruptcy has asked for the Bucharest Court’s decision to be upheld. Alpiq RomEnergie and Alpiq RomIndustries stated in court a week ago that Hidroelectrica had profit when the insolvency procedure started but subsequently the state-owned company’s Administrative Board issued another document in which it took into account 30-year-old debts.

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