The court has appointed Euro Insol, controlled by lawyer Remus Borza, to be the administrator. Euro Insol has also recently become the legal administrator for Romexpo and UCM Resita, and is also handling other insolvent projects, such as Asmita Gardens, Ibiza Sol, Uztel, RHS, Servtrans and Plafar.
Hidroelectrica’s local union, Hidrosind, filed an application for joinder as a party in the case, as did representatives of Alpiq RomEnergie and of RomIndustrie, two beneficiaries of direct contracts with the power producer. All these motions were dismissed by the court.
The court-appointed administrator will be able to terminate the company’s bilateral sale contracts, if they are judged to be detrimental, and may also lay off staff.