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September 24, 2021

Hunedoara Court accepts insolvency request filed by Hunedoara Energy Complex

The Hunedoara Court on Thursday accepted the insolvency request filed by Hunedoara Energy Complex, managed by GMC Craiova, sources with the Energy Ministry told Agerpres.

Hunedoara Court’s syndic judge has postponed for one day, for January 7, his ruling on the Hunedoara Energy Holding’s insolvency and on the appointment of the trustee in bankruptcy for the period of restructuring.

The Romanian state is the shareholder of the oldest coal basin in Romania. The basin has financial problems, like most of the coal mines in Europe (where they still exist), particularly those in Poland.

Only bad news has come from the Jiu Valley since the new government came to power and especially since young minister Victor Grigorescu took over the Energy Ministry.
In fact, no sooner did Victor Grigorescu take over his ministerial portfolio that he paid a visit to the aforementioned area. It was good that he did. It’s just that instead of solutions that feature state aid (as other countries adopt) or the identification of other options, Minister Grigorescu wrote on Facebook that “the company’s financial situation is disastrous and the main worry is that we could even reach bankruptcy.”

He did not ask Hunedoara Holding to file for bankruptcy but he took the first step toward this situation. According to sources, the state would like Remus Borza to be the company’s trustee in bankruptcy during the insolvency period, and Borza agrees. He is currently the trustee in bankruptcy of another big energy producer that is also insolvent and state-owned – Hidroelectrica.
Remus Borza, proposed as Hunedoara Energy Holding’s trustee in bankruptcy, has confirmed the information.
Hunedoara Energy Holding has around 6,400 employees at the Lupeni, Lonea, Livezeni and Vulcan coal mines and at the Mintia and Paroseni fossil-fuel power plants.

Hunedoara Energy Complex (CEH) at end-December 2015 filed with the Hunedoara Court Tribunal an insolvency request.

“This was the only measure that could have been taken to prevent the company’s bankruptcy. There are 19 insolvency requests filed against Hunedoara Energy Complex and this was the only form of protection to propose a restructuring and reorganization plan for the company,” representatives of the Energy Ministry told AGERPRES.

CEH has debts exceeding 1.2 billion lei and liens on all its accounts.

CEH has some 6,400 employees working in the coal mines Lupeni, Lonea, Livezeni and Vulcan, as well as in the coal-based power plants Mintia and Paroseni.

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