Romania’s Hidroelectrica re-enters insolvency after court admitted appeals made by Alpiq, Energy Holding, EFT

Romania’s largest energy production company Hidroelectrica has re-entered insolvency after the Bucharest Court of Appeal admitted the appeals made by companies Alpiq, Energy Holding, EFT, Andritz Hydro and Local Budget Department District 2. The court has admitted the appeal made by Alpiq Romenergie, Alpiq Romindustries, Energy Holding, EFT AG, EFT Romania, Andritz Hydro and the Local Budget Department District 2 against the decision from June 2013 through which the reorganization procedure of Hidroelectrica was closed, according to the information provided by Fondul Proprietatea. Also, the court admitted Alpiq Romindustries’ appeal against the unilateral termination of a sale-purchase contract. Moreover, the court admitted the appeals filed by Apriq Romindustries, Alro Slatina and Elsid SA Titu against the preliminary receivables tables, and also sent these cases for a retrial to the Bucharest Court. Alro Slatina also won the appeal against the force majeure measure, and the case was sent for retrial, according to Fondul Proprietatea. The court also admitted the appeal made by Hidroelectrica’s judicial administrator Euro Insol against a decision whereby the challenge against the receivables table was admitted. Euro Insol was reinstated the judicial administrator of Romania’s Hidroelectrica, after the Bucharest Court of Appeal decided the company’s re-entry insolvency. More about the surprise call from the Bucharest Court of Appeal. Hidroelectrica announced its insolvency exit in June 2013, a year after entering it, and Euro Insol handled the procedures, as judicial administrator. The Romanian State through the Ministry of Economy owns some 80 percent in Hidroelectrica, while a share of 19.9 percent is held by investment fund Fondul Proprietatea. Irina Popescu, irina.popescu@romania-insider.com