Romanias largest state-owned electricity producer Hidroelectrica exited insolvency after four years, the Bucharest Court decided yesterday.
The court postponed twice the decision on Hidroelectricas insolvency exit due to legal actions by the companys former clients.
The producer entered insolvency in June 2012 due to a weakening financial situation caused by the unfavorable contracts with various local and foreign electricity traders. The company sold its electricity way under market prices, and sometimes even at a loss. All these contracts were cancelled when the company entered insolvency.
Hidroelectrica thus started selling electricity on the free market, through transparent procedures, and managed to become one o…
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