Should the court approve the reorganization plan, Remus Borza, the lawyer in charge of Hidroelectrica’s insolvency proceedings, will cash a bonus of EUR2.2 million.
Borza said the EUR2.2 million worth bonus actually translates into 0.27% of the money he had pumped into the company.
Borza told news agency MEDIAFAX that if the judge approves the plan, Hidroelectrica completes its insolvency process on June 26.
Hidroelectrica, Romania’s largest power producer, entered insolvency in June 2012 after it sold electricity outside the energy exchange at prices below market levels.
The company registered gross profit of RON380 million in the first five months of the year, according to Borza, and expects gross profit of RON434 million this year.
Hidroelectrica is controlled by the Economy Ministry and is likely to complete its insolvency process at the end of June.