Hidroelectrica representatives stated Friday that Gabriel Dumitrascu, head of the privatization office with the Economy Ministry’s Energy Department, will be the new special administrator of state-owned hydropower producer, after the company was court-ordered into re-entering reorganization procedure.
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.