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September 19, 2020

Hidroelectrica could become solvent on May 11

Hidroelectrica could get out of the insolvency procedure on May 11, when the last two appeals filed by Energy Holding and Alpiq Romenergie will be tried, Remus Borza, the representative of Euro Insol, the energy company’s trustee in bankruptcy, stated on Tuesday.

“If the court hearing is not postponed, Hidroelectrica could become solvent right on May 11 when the last two appeals, those filed by Energy Holding and Alpiq Romenergie, will be tried,” Borza said, pointing out that Alpiq, another large energy trader that appealed against the insolvency procedure, lost two trials in a month’s time, trials in which it had asked for RON 1 bln in damages.

Hidroelectrica has won two trials against Alpiq Romindustries and Elsid Titu, which had asked for RON 400 in damages, the energy trader being also forced to pay the court expenses that totalled RON 91,052, representing lawyers’ and experts’ fees.

Hidroelectrica also won the trial against Elsid Titu S.A., which had asked for RON 13 M in damages because the amount of energy Hidroelectrica delivered from September 2011 to April 2012 was lowered “on account of the force majeure clause.”

Hidroelectrica has been insolvent since February 2014. The company was previously insolvent from June 2012 to June 2013.

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