Romania’s largest power producer Hidroelectrica could exit insolvency this month, said Remus Borza, the company’s judicial administrator.

Hidroelectrica could also sell a minority stake until November through an initial public offering (IPO), Borza added, cited by Reuters.

The company first entered insolvency in 2012, after it had lost USD 1.4 billion in six years. It was selling a large part of its production at prices below the market level.

In 2014, Hidroelectrica became insolvent again due to litigations with some of its former clients. The company has cancelled the damaging contracts that led to its insolvency. However, some of these contracts’ beneficiaries later challenged Hidroeletrica’s decision in court. The power producer has won most of these trials, but still has about six ongoing trials.

editor@romania-insider.com