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October 21, 2021

Payment of EUR 140 M in damages to Hidroelectrica being debated

A government decision on transferring two investments from Hidroelectrica to the National Water Administration (ANAR), with the payment of EUR 140 M in damages, could be approved during the government meeting today, Remus Borza, representative of Euro Insol, Hidroelectrica’s trustee in bankruptcy, stated during a conference on the role played by banks in the restructuring of companies, evenimentul.ro informs. Borza pointed out that Hidroelectrica coming out of insolvency is a development conditioned by juridical, legislative and financial impediments and that it is unlikely that these impediments will be solved by January 1, 2013. The Euro Insol representative added that he is waiting for a government decision on the transfer of five dams to ANAR, because they are part of investment projects that have a low energy component, investment projects that Hidroelectrica financed with EUR 300 M. He mentioned the government decision on the merger of the eight Hidroservs into a single entity and the dispute with the Romanian Energy Regulatory Authority (ANRE) over the recognition of Hidroelectrica’s real price. “We are waiting to clarify this with ANRE.” Another condition is financial in nature and concerns the rescheduling of debts. “We have to pay EUR 1 bln. Bank loans can continue to be rolled, but it’s about the payment of unsecured debts. There are 360 unsecured creditors and an agreement on rescheduling Hidroelectrica’s debts has to be signed with each of them. It’s highly unlikely that Hidroelectrica will find the resources to pay the unsecured debts by January 1, 2013,” Remus Borza stated.

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