Remus Borza, owner of Euro Insol, former legal administrator of Hidroelectrica, told Mediafax last week that 11 traders, two trade unions and Termoelectrica appealed the decision of Euro Insol of not acknowledging RON1.3 billion receivables, representing damages for denouncing the contracts with Hidroelectrica.
Hidroelectrica, Romania’s largest power producer, was insolvent and underwent restructuring between June 2012 and June 2013 after it sold electricity outside the energy exchange for less than market prices.
Hidroelectrica has 80.05% of its shares in the hands of the Economy Ministry, while Fondul Proprietatea holds a 19.95% stake.