The decision is not final and may be appealed with the Bucharest Court of Appeals.
Hidroelectrica’s creditors approved the reorganization plan of the company last week.
The plan was analyzed by a syndic appointed by the Bucharest Court, who was tasked with deciding if Hidroelectrica may exit insolvency at the end of June or would continue reorganization.
Romania’s Government wants to list on the Bucharest bourse 10% of Hidroelectrica’s shares once the company completes insolvency proceedings.
Hidroelectrica entered insolvency on June 20 impacted mainly by selling electricity outside the energy exchange at prices below market levels.
It registered gross profit of 380 million lei (EUR86 million) in the first five months of the year and expects gross profit of RON434 million in 2013. (EUR1=RON4.4161)