BUSINESS

Euro Insol registered final table of Hidroelectrica creditors

Euro Insol, the judicial administrator of Hidroelectrica, registered last Friday the final table against the assets of the debtor SC Hidroelectrica SA currently under insolvency procedure since 20 June 2012, with the Bucharest Tribunal. Hidroelectrica will have to pay RON 3.59 bn to the debtors listed in the final debt table. Another RON 760 M is recorded in the table with conditions attached.
The final debt of the company is RON 1.2 bn smaller than the sums claimed by creditors when the procedure began. The difference between the initially demanded amounts and those listed in the final table comes from the rejection by the judicial administrator and, afterwards, by the Bucharest Tribunal, of claims raised as damages by energy traders after the rescission of bilateral agreements.  After the hearing of the 75 claims and registration of the final table of debts, the judicial administrator will register this week the Reorganisation Plan for Hidroelectrica SA which will be pending the approval of the Assembly of Creditors and conformation by the syndic judge. Euro Insol wants to ask the syndic judge to close the insolvency procedure on June 26, 2013.  On a distinct note, the Hidrosind union will file a criminal complaint against the judicial administrator of Hidroelectrica, Remus Borza, over claimed abuses against employers and company, Hidrosind President Decebal Sulea informed yesterday. ‘The extreme measures taken by Mr. Remus Borza have also been determined by the release sent out to the press on Friday, June 7, announcing that the process of Hidroelectrica restructuring by closing down branches and merger of the subsidiaries of Hidroserv had been blocked pending the settling by the Court of Hidrosind’s claims. We consider that Hidroelectrica will come out of insolvency without running the risk of going bankrupt as long as those who filed for insolvency make a firm commitment in writing that no more employees shall be laid off during the supervision period’, Decebal Sulea said.

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