Hidroelectrica reorganization plan, registered this week

Euro Insol, the official receiver of Hidroelectrica, yesterday announced that it had registered with the Bucharest Court the consolidated list of creditors of the energy producer, found in insolvency proceedings since June 20^th 2012. After settling the 75 appeals and registering the consolidated list of creditors, Euro Insol will register, this week, the Reorganization Plan of Hidroelectrica SA, which will be approved by the creditors’ assembly and confirmed by the syndic judge. Hidroelectrica will have to pay to creditors registered in the consolidated list the amount of RON 3.59bn. Other RON 760mln is registered under a condition. The final debt of Hidroelectrica is by RON 1.2bn lower than the amounts requested upon opening of insolvency proceedings, Euro Insol claims. The difference between the amounts initially claimed and those registered in the consolidated list of creditors is due to the rejection by the official receiver and subsequently by the Bucharest Court of the claimed amounts, as damages, by energy traders, following the denunciation of bilateral contracts. Euro Insol plans to ask the syndic judge at the hearing on June 26^th 2013 to close the insolvency procedure.