Gabriel Dumitrascu, General Director of the Directorate-General for Privatization and Management of State Ownership in Energy, has been unanimously appointed as the new special administrator of Hidroelectrica during the Extraordinary General Meeting of Shareholders held on Friday, February 28. The assembly has been called by Remus Borza, representative of EURO INSOL, the judiciary administrator of the electricity producer, a media release informs.
“Together with the judiciary administrator, Euro Insol, we will resume the final stage of getting out insolvency and, at the same time, we will prepare the company for successfully resume the IPO process. Despite the difficult times the company passes through, Hidroelectrica has a solid financial position, important and valuable assets and very good results as per the latest report, which entitles me to ensure that the company remains wholly owned by its two shareholders, the Romanian State and Proprietatea Fund”, Gabriel Dumitrascu said after his appointment.
The state-owned company returned to insolvency following the decision of the Bucharest Court of Appeal which admitted last week the appeals of the energy traders Hidroelectrica cooperated with – Energy Holding, EFT, Alpiq, as well as Elsid Titu, Alro or Andritz Hydro.
Hidroelectrica became insolvent in June 2012, ending the judicial reorganization one year later, on June 26, 2013, based on the decision of the Bucharest Court. Yet, it was not a final decision, allowing the above companies appeal which was admitted on February 25, 2014.