Court approves insolvency of major Romanian electricity trader Getica 95
The court in Buzău admitted at the beginning of this month the request for insolvency filed for Getica 95, the biggest independent electricity trader, a business of RON 1.5 bln (EUR 300 mln) owned by the businessman Viorel Tudose.
Andrei Chirileasa · Journalist
· Updated · 1 min read
The court in Buzău admitted at the beginning of this month the request for insolvency filed for Getica 95, the biggest independent electricity trader, a business of RON 1.5 bln (EUR 300 mln) owned by the businessman Viorel Tudose.
The insolvency request was filed by creditors and not the company itself - as Tudose announced in June. Tudose said at that time that the company faces cash flow and not profitability problems and that all contracts with the end-users will be observed.
The opening of the insolvency procedure for the company that in January 2021 became the largest energy supplier in the competitive market was requested by Banca Transilvania and three other companies: Vis Solaris, Elisolar and Flavus Investiţii, Ziarul Financiar reported. The list of creditors also includes City Insurance, the leader of the insurance market, a company that is also in a highly delicate situation.
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