Hidroconstrucția S.A., one of Romania’s largest hydropower contractors with a nationwide presence since 1950, announced the appointment of Concilium Consulting as special administrator in its insolvency proceedings after the General Meeting of Shareholders. The Bucharest-based financial advisory firm specializes in corporate restructuring and strategic & advisory.

“This way, we will be able to facilitate the population's access to utilities and maintain European funding for the works, without affecting the absorption of these funds at the national level. Moreover, by successfully restructuring a company with such expertise in the hydrology industry, we can engage in additional projects and thus contribute to increasing Romania's energy independence,” said Concilium CEO Vlad Năstase.

Hidroconstrucția, which went into insolvency on January 19, 2022 after recording more than RON 500 million in debt, is facing a challenging 2023 to revitalize its state of management and finance.

Earlier in September, Electromontaj S.A. took over the shareholder of Hidroconstrucția under the provisions of the Competition Law no. 21/1996. The investment of Electromontaj Group consists of the transfer of best practices and expertise as well as financial support to improve the cash flow of Hidroconstrucția SA and its branch offices, according to the company officials.

“Concilium Consulting demonstrated significant expertise in restructuring and an essential understanding of the business, and Electromontaj has the financial strength and operational experience to support this recovery process,” Electromontaj CEO Ionuț Tănăsoaică explained.

rafly@romania-insider.com

(Photo source: Facebook/Hidroconstructia)