RSS
Hidroelectrica remains in insolvency procedures
The Commercial section of Bucharest Court of Appeal (CAB) decided, on Thursday, to maintain the ruling of Bucharest Tribunal referring to Hidroelectrica insolvency.
'The Court accepts the appeal, quashes in part the appealed ruling in respect of voluntary intervention requests. Re-judging, it rejects the voluntary intervention requests. Maintains dispositions on insolvency', reads the court's minute read on Thursday in the public session of CAB.
By the decision on Thursday, the Bucharest Court of Appeal annulled the bankruptcy judge decision, who rejected claims of intervention in this case file of Alpiq Co. and Hidrosind Trade Union and, re-judging, decided that they can not prevent entry into the insolvency of Hidroelectrica.
CAB examined the appeal, on October 4, of SC Alpiq Ltd, SC Alpiq Romindustries Ltd and 'Hidrosind' trade union against the Bucharest Court's decision, which ruled Hidroelectrica reorganization and launch of insolvency proceedings. SC Alpiq Romenergie and SC Alpiq Romindustries representatives have argued in court that Hidroelectrica was on profit when the insolvency procedure was declared and subsequently to this procedure launch another document was released taking into account the company's 30-year debts.
The Bucharest Tribunal admitted on June 20 Hidroelectrica company's request to file for insolvency, and Remus Borza, coordinating partner of Euroinsol Co., was designated as judicial administrator. Hidroelectrica company asked for insolvency on June 15. Remus Borza said, in early October, that admission of the appeal to the decision of insolvency of Hidroelectrica would lead to the company bankruptcy and, implicitly, Romania would 'remain in the darkness'.
He accused the two companies, which have formulated an appeal against Bucharest Tribunal decision, that they do not want anything else than other privileged contracts with this company.