Restart Energy offers bondholders 17% repayment under pre-insolvency plan

Restart Energy One, a Romanian independent energy supplier and renewable project developer, has proposed repaying just 17% of the face value of its bond debt as part of a restructuring plan submitted under a pre-insolvency procedure. The company published the proposal in a report to the Bucharest Stock Exchange on July 9.

The plan allocates RON 5.62 million to bondholders against total outstanding bond obligations amounting to RON 16.4 million and EUR 3.35 million, or approximately RON 33 million, Ziarul Financiar reported.

The restructuring proposal applies to bonds issued in 2021 and 2024. According to the company, coupon payments will also be calculated and disbursed in line with the original transaction memoranda.

Restart Energy One entered pre-insolvency proceedings in April 2025, seeking protection from creditors and aiming to restructure its financial obligations to avoid entering full insolvency. The 17% recovery rate proposed to bondholders reflects the company’s attempt to preserve operations while significantly reducing its debt burden.

The energy firm had ambitious capital market plans prior to its financial distress. In October 2023, with a bond already listed on the Bucharest Stock Exchange, Restart Energy announced intentions to raise “several tens of millions of euros” through an equity listing in spring 2024. Although the share listing did not materialise, the company proceeded to issue a second, euro-denominated bond early this year.

Restart Energy previously gained attention in 2018 after raising tens of millions of dollars through an Initial Coin Offering (ICO) for a Blockchain Energy Trading Platform. That project has since been put on indefinite hold.

The proposed restructuring will be subject to creditor approval as the company continues efforts to stabilise its operations and reduce liabilities.

(Photo source: Restart Energy)