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June 22, 2021

Minister delegate for Energy: Hidroelectrica to overcome insolvency in late October

Hidroelectrica will overcome insolvency in late October, early November said Minister Delegate for Energy Razvan Nicolescu on Wednesday night during a talk show on B1 TV channel. Hidroelectrica was insolvent for a year between June 20, 2012 and June 26, 2013. For two months it has been insolvent again. In February 2014, Hidroelectrica entered insolvency because the Court of Appeal admitted an appeal against its overcoming insolvency on grounds of procedure. The appeal was submitted by Alpiq Romenergie, Alpiq Romindustries, Energy Holding, EFT AG, EFT Romania, Andritz Hydro, DVLB sect 2 against the rule of Bucharest Tribunal in 2013 by which the insolvency procedure of Hidroelectrica was closed. Regarding this ruling of the Court of Appeal, Razvan Nicolescu says the judges have not published the court motivation by now.
As for the legal administrator, Remuz Borza, Nicolescu says that a second bonus was proposed for him, a thing he does not approve of.
“We cannot give two bonuses for overcoming insolvency, basically for the same thing,” says Razvan Nicolescu. According to hotnew.ro, the insolvency firm of attorney Remus Borza received a success-related fee of EUR 2.2 million last year in June, at the first overcoming of insolvency, an amount to which the EUR 50,000 received per month during the insolvency were added.
Bucharest Court of Appeal ruled on Thursday that Remus Borza be acquitted in the case he is accused of conflict of interests, as the rule is not definitive. Borza is accused by the prosecutors that during the period the insolvency firm he owns, Euro Insol, was the legal administrator of Hidroelectrica, he made payments to his law firm based on contracts of legal advisory. Attorney Nicoleta Munteanu is investigated in the same file, also for conflicts of interests, as the court ruled she be acquitted as well.

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