Romanian thermal power plant enters insolvency

Romanian thermal power plant CET Govora entered insolvency after a decision of the Ramnicu Valcea Court yesterday. The company will be managed by the judicial administrator Euro Insol, led by insolvency lawyer Remus Borza, reports local Agerpres. The insolvency house is also responsible for Romania’s largest energy producer Hidroelectrica. CET Govora is the second biggest company in the Valcea county. The power producer lost EUR 30.5 million after state – owned chemical producer Oltchim entered insolvency, in January 2013. The amount represents Oltchim’s debt to CET Govora. The thermal power plant has been confronted with the lack of coal stocks, the blocking of coal transports, and the stop in the delivery of spare parts, materials and services from over 200 suppliers, according to the press release of the company’s management. editor@romania-insider.com (photo source: Cet-govora.ro)