The process will take longer than the first time, mainly because the judge assigned to the case was arrested earlier this year and the court needs to appoint another judge, Euro Insol’s general manager Remus Borza told Mediafax.
Borza said he plans to step down as Hidroelectrica’s administrator unless the government authorizes a commission of EUR934,000 for his company’s services.
“I’ve lowered the value of the commission from EUR2 million. If they don’t approve it, I will resign.”
Euro Insol received a payment of EUR2.2 million for managing Hidroelectrica during the first insolvency process.
Hydroelectrica, 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.