This time, the company proposed Stan Tarnoveanu from ZRP as judicial administrator, while the first time, CE Hunedoara proposed Remus Borza from Euro Insol as judicial administrator.
On November 8, Alba Iulia Court of Appeals rejected the request for opening the general insolvency procedure for CE Hunedoara which had been filed by the company’s management and by creditors.
On December 28, 2015, CE Hunedoara’s Board of Directors decided to file for voluntary insolvency of the company, in an attempt to avoid bankruptcy. At that time, CE Hunedoara’s debts totaled RON1.2 billion. Board members said at the time that the voluntary insolvency measure is a form of protection against creditors which require foreclosure proceedings.
The insolvency file of CE Hunedoara Petrosani was transferred to the Alba Iulia Court of Appeals from the Hunedoara Court in September 2016.
CE Hunedoara holds approximately 5% of Romania’s electricity production and employs thousands of people.