Concilium Consulting, a company specialized in corporate restructuring and financing structuring, was appointed as special administrator in the insolvency procedure of Hidroconstrucția, a company owned by Electromontaj.

The largest Romanian contractor in the field of hydropower entered insolvency on January 19, 2022, with the intention of reorganizing the company.

“The company’s recovery strategy aims to ensure the continuation of the business, in order to be able to complete in a timely manner the projects of national importance that are already underway, such as the construction of the water-canal infrastructure throughout the country, as well as the works for Hidroelectrica, our beneficiary. We will thus be able to facilitate the population’s access to utilities, but also to keep the European financing of the works, without affecting the degree of absorption of these funds at the national level. Moreover, by successfully restructuring a company with such expertise in the hydrology industry, we can engage in additional projects and thus contribute to increasing the degree of energy independence of Romania,” said Vlad Năstase, general director of Concilium Consulting.

“We are determined to ensure the success of the reorganization of this company, which is so important for the local industry, and we have therefore chosen the most suitable partners. Concilium Consulting has shown significant expertise in restructuring and an essential understanding of the profile business, and Electromontaj has the financial strength and operational experience to support this recovery process. Therefore, Hidroconstruția has the resources to go further,” said Ionuț Tănăsoaica, general manager of Electromontaj, the new shareholder of Hidroconstruția.

Electromontaj, a leader in the energy construction market in Romania, recently took over Hidroconstrucția, the transaction being authorized by the Competition Council in November 2022. The new investor attracted a number of smaller shareholders, thus ending up owning around 63% of the company, a percentage that allows it implementation of restructuring measures at the decision-making level. The investment of the Electromontaj Group consists in the transfer of good practices and expertise, as well as in financial support to improve the liquidity flow of Hidroconstrucția and its subsidiaries, according to company officials.

Hidroconstrucția went into insolvency, on its own initiative, on January 19, 2022, for debts of over 500 million lei.