Romania's Hidroelectrica gets rid of its short-term debts

Hidroelectrica, the largest power producer in Romania, has paid all its short-term debts, according to the most recent report of its judicial administrator Euro Insol. The company is still under insolvency. The short-term debt amounted to RON 813 million (EUR 181.2 million) in June 2012, when the producer entered insolvency. In 2012, Hidroelectrica borrowed money at interest rates of 13% for lei and 7-8% for euro, said Remus Borza, Euro Insol GM. From annual losses of EUR 25.4 million, the company now moved to earnings from interest rates of over EUR 890,000. According to information in the market, Hidroelectrica now benefits from deposit fees of over 1.7% per month, reports local Economica.net. The company’s gross profit dropped by 26.8% in the first two months of the year to EUR 42.5 million. This was mainly due to the lower prices in the energy market, according to Euro Insol. editor@romania-insider.com