BUCHAREST | The Bucharest Court admitted on Wednesday the opening of the general insolvency procedure for Hidroelectrica, lawyer Remus Borza, adding that the solution can be challenged to the Court of Appeal, but that it is enforceable.
Remus Borza said that the Bucharest Court’s decision for opening the insolvency proceedings for Hidroelectrica is enforceable and will be implemented immediately. Hidroelectrica SA asked the Bucharest Tribunal, last week, the entrance into insolvency. The Board of Directors decided to seek entry into insolvency for Hidroelctrica because of the declining turnover and increasing debt, informed the company, which said that all its contracts will be continued “in terms of efficiency, transparency and legality”.
“We want to ensure this way all our trading partners, customers, suppliers and financial institutions for the continuation of all contracts in terms of efficiency, transparency and legality aiming for a safe operation at increasing production capacity while preserving the jobs for over 5,000 employees and improving the financial indicators of the company accountants”, the company said in a press release.