Romanian energy producer Complexul Energetic Hunedoara exits insolvency

Romanian state-owned energy complex Complexul Energetic Hunedoara will exit insolvency after the Alba Iulia Court of Appeal decided yesterday to cancel the decision of the Hunedoara Court from June, which approved the company’s insolvency, says Romania-Insider.com.

The decision of the Alba Iulia Court of Appeal is final. The insolvency house GMC SPRL Craiova, which has managed the energy complex since June, will receive a fixed amount of RON 32,000 (EUR 7,100) for its work in the last three months.

On December 28 last year, the power producer’s administration board agreed that CE Hunedoara needed to enter insolvency and restructure to avoid bankruptcy. The company entered the insolvency procedure in January, according to the decision made by the Hunedoara Court. This was followed by a series of court decisions that canceled or approved again the insolvency.

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