Court to decide who will manage insolvent Romanian energy company

18 April 2016

The court will decide at the end of the month if the company Euro Insol gets appointed judicial administrator of the Romanian energy company Complexul Energetic Hunedoara (CEH).

The Energy Ministry wanted to appoint Euro Insol as the producer’s judicial administrator. However, the representative of Romania’s Tax Agency ANAF voted against this proposal in the creditors’ meeting held last week, arguing that a tender needed to be carried out to select the judicial administrator, reports local Agerpres.

ANAF is the main creditor of CEH, holding 78% of the company’s debts. The insolvency house GMC SPRL is the producer’s temporary judicial administrator.

CEH has total debts of EUR 268 million. The company has some 6,300 employees, who work at the coal mines in Valea Jiului and at the company’s two thermal power stations.

Euro Insol has also been managing the largest Romanian power producer Hidroelectrica that went insolvent in 2012.

Remus Borza, the representative of Euro Insol, said two weeks ago that CEH could be saved only if half of the miners and the employees of the thermal plants in Valea Jiului were laid off.

editor@romania-insider.com

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Court to decide who will manage insolvent Romanian energy company

18 April 2016

The court will decide at the end of the month if the company Euro Insol gets appointed judicial administrator of the Romanian energy company Complexul Energetic Hunedoara (CEH).

The Energy Ministry wanted to appoint Euro Insol as the producer’s judicial administrator. However, the representative of Romania’s Tax Agency ANAF voted against this proposal in the creditors’ meeting held last week, arguing that a tender needed to be carried out to select the judicial administrator, reports local Agerpres.

ANAF is the main creditor of CEH, holding 78% of the company’s debts. The insolvency house GMC SPRL is the producer’s temporary judicial administrator.

CEH has total debts of EUR 268 million. The company has some 6,300 employees, who work at the coal mines in Valea Jiului and at the company’s two thermal power stations.

Euro Insol has also been managing the largest Romanian power producer Hidroelectrica that went insolvent in 2012.

Remus Borza, the representative of Euro Insol, said two weeks ago that CEH could be saved only if half of the miners and the employees of the thermal plants in Valea Jiului were laid off.

editor@romania-insider.com

Normal
 

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