Romanian state-owned energy complex Complexul Energetic Hunedoara will exit insolvency after the Alba Iulia Court of Appeal decided yesterday to cancel the decision of the Hunedoara Court from June, which approved the company’s insolvency.

The decision of the Alba Iulia Court of Appeal is final. The insolvency house GMC SPRL Craiova, which has managed the energy complex since June, will receive a fixed amount of RON 32,000 (EUR 7,100) for its work in the last three months.

On December 28 last year, the power producer’s administration board agreed that CE Hunedoara needed to enter insolvency and restructure to avoid bankruptcy. The company entered the insolvency procedure in January, according to the decision made by the Hunedoara Court. This was followed by a series of court decisions that cancelled or approved again the insolvency.

Some 6,300 people work at the thermal power plants Mintia and Paroseni, and in the coal mines of Lonea, Livezeni, Lupeni and Vulcan. The company has total debts of over EUR 332 million, and some EUR 266 million of them are debts to the Finance Ministry.

editor@romania-insider.com