Nicolescu has previously stated that “it is not OK” that Borza should get two commissions for the same process.
Borza stated last week that Hidroelectrica will likely complete its second insolvency process in May or June next year, and that he plans to step down as Hidroelectrica’s administrator unless the government authorizes a commission of EUR934,000 for his company’s services.
Euro Insol received a payment of EUR2.2 million for managing Hidroelectrica during the first insolvency process.
Hidroelectrica, the country’s largest power producer, was court-ordered into a second insolvency process in February this year, less than eight months after completing a one-year reorganization process.