The court will decide today, January 6, whether the Romanian state-owned energy company Complexul Energetic Hunedoara will enter insolvency or not.

The Romanian state has already named Remus Borza to take over as the company’s judicial administrator during the insolvency period. However, the court has the final say.

Borza is currently the judicial administrator of Hidroelectrica, another big insolvent state-owned energy company.

Complexul Energetic Hunedoara has 6,000 employees and debts of EUR 265 million.

“The Ministry has asked me to take the lead of Complexul Hunedoara, I said yes,” Borza said, cited by local Economica.net.

However, he argued that certain “smart guys” would try to influence the judge to appoint local companies to manage Complexul Energetic Hunedoara during its insolvency, but he gave no names.

On December 28, the energy company’s administration board agreed that the company needed to enter insolvency and restructure in order to avoid bankruptcy.

editor@romania-insider.com