Remus Borza (in picture), the Romanian lawyer which handled Hidroelectrica’s insolvency case, was recently named president of the company’s Supervisory Board - the structure which oversees the company's activity and approves its income and expenditure budget.

Remus Borza has been a member of the Bucharest Bar Association for 18 years and has a large experience in tax law, commercial law, insolvency and capital markets.

Hidroelectrica recorded a profit of around EUR 109 million (RON 481 million) in the first half of 2013, compared to a loss of RON 202 million reported in the same period in 2012, according to the company. The energy producer had a turnover of around EUR 383 million (RON 1.6 billion) in the first six months of this year, up 33 percent over the same period in 2012.

Hidroelectrica exited insolvency procedures on June 26 this year, about one year after the company entered insolvency. The Bucharest Court decided that Hidroelectrica had fulfilled its payment obligations as defined in the reorganization plan approved by its creditors on June 18, 2013. Euro INSOL was the company’s judicial administrator during insolvency.

Irina Popescu, irina.popescu@romania-insider.com

(photo source: Remus Borza's facebook page)