Bogdan Tudorache

The Transylvania Insolvency House has issued a statement according to which Hidroserv is ready for reorganization. At this moment, the company is in a stable situation of breakeven, following a restructuring process, including that of the personnel, say CITR officials.

In this context, the reorganization strategy of Hidroserv SA envisaged by CITR involves the use of surplus assets that do not contribute to the current activity, the continuation of the maintenance activity following the conclusion of a new framework agreement with Hidroelectrica and the participation in future investment projects for the modernization of hydro-aggregates initiated by the aforementioned company.

“We are ready for the submission of a reorganization plan of Hidroserv SA by the end of the year, and the operational capacity of the company, the over-qualified staff and the conclusion of a new framework agreement will create the necessary premises for the restructuring of the company. In the next period, negotiations with Hidroelectrica will begin for the conclusion of a new framework agreement providing for the provision of maintenance services by Hidroserv and which is imperative for the successful recovery of the company,” said Adrian Lotrean, senior partner, CITR.

Hidroserv recovery is important for the National Energy System (SEN), as any occurrence of equipment failures can cause significant losses, with an impact for the energy sector. A new framework agreement, for a further four year period, will also allow the working conditions of the company’s employees to be improved, which will contribute to keeping in the company the competent and qualified personnel for such strategic works, CITR officials added.