The damages they claimed amount to 870.5 million lei (EUR194.3 million), according to Remus Borza, head of insolvency firm Euro Insol.
Alpiq Romindustries was the sole energy trader which asked for damages citing the cancellation of its bilateral electricity deal with Hidroelectrica, Borza said Monday. Alpiq Romindustries’ claim amounted to RON527.7 million, he added.
The rest of the claims concerned the contractual obligations Hidroelectrica was unable to meet following a force majeure on power deliveries.
The legal administrator accepted creditor’s claims of RON3.5 billion and rejected claims of RON1.17 billion, Borza said.
Creditors filed 381 claims worth RON5.5 billion, he added.
Hidroelectrica’s largest creditor is lender BRD, whose claim stands at RON426.3 million. Other claims were submitted by Citibank Europe (RON276.3 million), ING Bank (RON394.8 million), RBS (RON128.2 million), Banca Transilvania (RON107.9 million) and BCR (RON277 million). They were all accepted.
Selling cheap electricity to companies cost Hidroelectrica over EUR1 billion in revenues over the past six years.
Euro Insol renegotiated the unprofitable bilateral contacts signed with Alro Slatina, Elsid, Electrocarbon and Electromagnetica, and cancelled the energy deals with Alpiq RomEnergie, Alpiq RomIndustries, Energy Holding, EFT AG, EFT Romania and Euro P.E.C.
At the beginning of August, Hidroelectrica activated a force majeure for the second time in less than a year, due to prolonged drought.
The hydropower produce entered insolvency on June 20. Its balance sheet at that time stated debts of RON3.66 billion. (EUR1=RON4.4792)