Romania’s state-owned energy producer Hidroelectrica will exit its second insolvency in May or June 2015, according to Remus Borza, the head of Euro Insol - the company’s judicial administrator, quoted by local Mediafax.

He added that Hidroelectrica’s second insolvency will last more than the previous one because Romanian judge Mircea Moldovan is in state custody and another judge has to be appointed, and some appeals’ hearings were not set yet.

Mircea Moldovan and three other judges, all from the Bucharest court, were arrested by the National Anticorruption Directorate (DNA) on charges of bribery and abuse of office.

Hidroelectrica became insolvent in June 2012, then exited insolvency a year after, only to re-become insolvent in February this year.

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