The representatives of the Board of Directors said that the voluntary insolvency is a form of protection as creditors are asking for the foreclosure of the company, adding that CE Hunedoara majority shareholder, the Romanian state, will nominate a legal administrator.
CE Hunedoara’s debts currently total RON1.2 billion.
Grigorescu, who paid a working visit to CE Hunedoara on Monday, said the company’s situation is “disastrous” and asked the management to take measures to avoid the company’s bankruptcy.
“I asked CE Hunedoara management to take on the company’s situation, to understand that it has to take bold measures to hinder a slipping to an irremediable situation. The disastrous condition is the result of faulty economic behaviors that even jeopardized the existence of the company. Whoever fails to understand that we need to quickly correct the mistakes of the past (…), will not be part of our team,” the minister posted on his Facebook page.
The minister said that the depoliticization and re-professionalization of the company can no longer be postponed.
At the same time, the actions in the upcoming period will target environment issues, the ensuring of minimum coal stocks as well as the company’s financial consolidation.
Former Energy Minister Andrei Gerea said in September that CE Hunedoara may enter insolvency anytime, considering its difficult situation and the large number of insolvency requests.
“The situation at Complexul Energetic Hunedoara is not at all easy. (…) Insolvency may occur anytime, considering the large number of requests (for insolvency – e.n.) that have been submitted, but this should not be scary because we have all seen that insolvency yielded very good results for Hidroelectrica,” the minister explained.
CE Hunedoara holds approximately 5% of Romania’s electricity production and employs 6,257 people.
The company was set up in 2012, through the merger of state-owned thermal power producers Deva and Paroseni, and produces electricity using coal.