Earlier this month, CNH has lodged an insolvency request against CE Hunedoara over an unpaid debt of RON70.7 million. CNH, which is Romania’s largest debtor, is itself undergoing liquidation proceedings.
To avoid launching insolvency proceedings at CE Hunedoara, the government issued an emergency ordinance transferring part of CNH’s debt to the state to the energy holding. At the same time, CE Hunedoara’s debt to CNH is cancelled.
State-owned CE Hunedoara was founded in 2012 following the merger of Deva and Paroseni coal-fired power plants. With an installed capacity of 1,435 megawatts, the energy holding covers around 5% of Romania’s electricity production.