Romanian state – owned company Hidroelectrica received almost 500 CVs in the first day after announcing that it is recruiting private management. Hidroelectrica will hire 67 managers, a recruitment process which will end on April 10.

So far, the head of acquisitions and logistics department attracted the highest number of interested candidates, with 50 CVs submitted for this job alone. Four other management positions got 20 submissions each.

Hidroelectrica, Romania's largest energy producer, is currently under insolvency procedures, and its judiciary administrator Euro Insol canceled 22 management jobs earlier in January this year, and the remaining 57 managers were put into interim positions, for 90 days.

The recruitment process is carried on by Hidroelectrica in partnership with executive search company Pedersen & Partners.  Hidroelectrica is one of a series of state – owned companies for which Romania pledged it would appoint private management. So far private managers were named at airline Tarom, as well as at the CFR Marfa and CFR Calatori railway companies.

In September 2012, the judicial administrator of Hidroelectrica admitted request claims of EUR 78 million and rejected claims of EUR 261 million. Banks represent 69 percent of the creditors, said Remus Borza, Euro Insol representative of the judicial administrator of the energy producer. The claims by the so called 'smart guys,' who held prejudicial contracts with Hidroelectrica were rejected and today's court decision is a further step in rescuing the electricity producer. It is estimated that Hidroelectrica lost EUR 1.1 billion between 2006 and 2012 through selling energy at low prices via direct contracts.

editor@romania-insider.com