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Hidroelectrica declared insolvent

The Bucharest Court has approved Hidroelectrica’s request to be declared insolvent

July 2012 - From the Print Edition

The decision comes after the state-controlled company submitted an application to enter voluntary insolvency at the Bucharest Tribunal in mid-June. The company is controlled by the state through the Ministry of Economy.
According to its balance sheet, net profit fell 45 times last year, from RON 292.3 million to RON 6.4 million, while total revenue dropped from RON 3.41 billion to RON 3.18 billion and expenditure increased from RON 3.02 billion to RON 3.14 billion.
Hidroelectrica was included in the authorities’ agreement with the International Monetary Fund (IMF) among the six companies that the state is committed to listing on the stock exchange or to privatizing. A package of 10 percent of the shares would be listed in the water energy company. In April the government selected the BRD consortium (as consortium leader) comprised of Citigroup, Societe Generale and Intercapital Invest to intermediate company’s listing on the stock exchange. The minister of economy, Daniel Chitoiu, said Hidroelectrica was among the first companies at which the government had undertaken to introduce private management, the deadline being October.
After it sought insolvency, Moody’s rating agency dropped Hidroelectrica’s rating four notches from “B1” to “B2” and assigned a negative perspective, warning that there could be a further relegation. The increased risk of non-payment on the request for entry into insolvency “may accelerate debt maturities beyond the company’s ability to meet its obligations and could represent a significant obstacle to any attempts to attract new funding,” the agency warned.



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