“Gabriel Dumitrascu will be the new special administrator,” said lawyer Remus Borza, owner of Euro Insol, which has been reinstated as judicial administrator of Hidroelectrica.
The special administrator is tasked, among others, with proposing a reorganization plan for the insolvent company.
Earlier this week, Hidroelectrica was placed back under reorganization procedure after the Bucharest Appellate Court cancelled a court decision allowing Hidroelectrica to complete a 12-month insolvency process.
Hidroelectrica, Romania’s largest electricity producer, underwent restructuring between June 2012 and June 2013 after it sold electricity outside the energy exchange below market prices.
Hidroelectrica runs units with a total installed capacity of 6,400 megawatts and covers around 30% of the local power consumption.
The government plans to sell 15% in the hydropower company and is considering a dual listing, in Bucharest and in London.