RADET seeks salvation in insolvency
Autonomous Thermal Energy Distribution (RADET), a company that brings heat and hot water to Bucharest’s homes, declared its entry into insolvency, trying some form of legal protection against Electrocentrale Bucuresti (ELCEN), the company that heats the water, and to which it owes over 763.6 million Euro (3.4 billion RON) 2016-10-21 21:28:41 - From the Print Edition
Bucharest General Council approved in late September a draft resolution mandating the board of RADET Bucuresti to take all necessary technical, legal and economic steps needed to provide business continuity in order to ensure heat supply for the population and institutions. "We support any form of legal protection as long as the company is rebuilding on sound principles and not jeopardizing the welfare of citizens; insolvency firstly means paying up," said Vlad Georgescu, the Ministry of Energy in Romanian Government, quoted by Ziarul Financiar.
Moreover, also in late September, the board of ELCEN decided to submit a request for entry of the company into insolvency by the Bucharest Court. The decision was made based on the financial situation of the company and by debts registered by suppliers and distributors of fuel, services and products, the general situation of the late consideration for the goods delivered from RADET Bucuresti. The decision derives from the need to reorganize the company and to ensure continuity in the production and distribution of heating for residents of Bucharest.
Currently, total ELCEN debt reached about 359.3 million Euro (1.6 billion RON), with claims made by RADET totalling about 808.5 million Euro (3.6 billion RON).
Georgescu also said about ELCEN that: "The board is currently analysing the best solutions to continue, in fair terms, its commercial relationship with RADET, and to protect in turn the effects of insolvency of RADET."
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