“Some believe the company’s insolvency was over when it terminated the [direct sale] contracts with the wise guys. I don’t think this is possible,” Borza said in a press conference on Monday.
Prime Minister Victor Ponta said last week that Hidroelectrica will recover in September or October, as a much stronger company, free of the bilateral energy sale contracts that hindered its activity.
Borza pointed out that the contracts in question were only “the tip of the iceberg,” and the administrator has found a further seven causes that drove Hidroelectrica into insolvency. The company has 839 creditors and the debts claimed by half of them amount to 5.1 billion lei (EUR1.12 billion).
Hidroelectrica activated the force majeure clause last week, for the second time in less than a year, due to prolonged drought, which caused river flows to decrease.