Restart Energy posted RON320 million revenue in 2023 and a net profit of RON16 million. Debt stood at RON140 million.
With this preventive composition procedure, the company is seeking protection from creditors and is trying to restructure debt to avoid insolvency. It has a RON16 million bond issue due in February 2026, listed in 2021 with a 9% coupon via Goldring.
“Restart Energy One SA is currently experiencing temporary financial difficulties, mainly caused by delays in the collection of receivables, difficulties in the acceptance of works with public institutions and a temporary lack of liquidity. This situation affects cash flow management and we wish to address it promptly so as not to impact the company’s ability to meet its obligations to customers, suppliers, financiers and investors in equal measure. In order to overcome this difficult context, the company has initiated a request for a preventive composition procedure with creditors, together with reputable specialists in the field, and we are currently awaiting the decision of the syndic judge,” the company says.
Preventive composition is a legal restructuring solution that allows the business to continue and negotiate a recovery plan with creditors.
“It is the fastest legal recovery procedure. We consider this measure essential for the recovery of the company and the protection of the interests of all parties involved. Restart Energy One SA remains committed to providing green, responsible and digitized solutions for its customers. The request for the preventive composition procedure has been filed with the Timis Court. We will return with details after its resolution.”
The announcement comes two weeks after the Bucharest Stock Exchange stopped Restart Energy’s bonds from trading, as a result of an investigation by the prosecutors of the Directorate for the Investigation of Organized Crime and Terrorism, Timisoara branch, into such crimes as constituting an organized criminal group, embezzlement with particularly serious consequences, use of company assets in bad faith for personal gain and money laundering.
(English version by Loredana Fratila-Cristescu)