“We will publish the prospectus for privatization within three months after Hidroelectrica exits insolvency procedure, with a view to launch an IPO one month later,” the government said in its latest letter of intent to a EUR3.6 billion loan signed with the International Monetary Fund.
Hidrolectrica, Romania’s largest power producer, has filed for insolvency earlier this year and is currently undergoing reorganization.
The document, obtained by Mediafax, doesn’t specify an exact date by which Hidrolectrica should be solvent again. However, the company’s designated administrator estimated the reorganization process would be completed in the second half of 2013.