Romanian energy producer CE Hunedoara goes into insolvency

The Romanian state-owned energy company Complexul Energetic Hunedoara has entered the insolvency procedure, according to the decision made yesterday by the Hunedoara Court. The tribunal has appointed the local firm GMC SPRL Craiova as the energy producer’s temporary judicial administrator, reports local Hotnews.ro. This came as a surprise, as the state, which is the majority stakeholder in Complexul Energetic Hunedoara, has designated the insolvency house EuroInsol for this job. The company, which is controlled by Remus Borza, is also in charge of the insolvent power producer Hidroelectrica, while the firm in Craiova is small and relatively new to the market, and has no experience in handling such a big restructuring case. On December 28, power producer’s administration board agreed that CE Hunedoara needed to enter insolvency and restructure to avoid bankruptcy. editor@romania-insider.com