Hidroelectrica could exit insolvency on May 11th, after the Court rules the appeals filed by Energy Holding and Alpiq Romenergie, said Remus Borza, the Euro Insol representative, the trustee of the hydropower producer.
“If we go to court in time, Hidroelectrica could exit insolvency on May 11th, when the last two appeals will be judged, those of Energy Holding and Alpiq Romenergie” said Remus Borza, quoted by Agerpres.
Meanwhile, the trading company Alpiq Romindustries lost within one month two lawsuits through which it demanding the compensation of nearly one billion lei, added Remus Borza.
“Hidroelectrica had once again prevailed in the disputes with the smart guys, the action for damages brought against the company by Alpiq Romindustries also being rejected, for the denounciation of the electricity sale agreement by the trustee. Alpiq Romindustries is one of the energy traders whose contracts were denounced by Euro Insol after the opening of insolvency proceedings. Throughout the verdict 2841 issued Wednesday, April 20th, 2016 by the Bucharest Court in case no. 22371/3/2013, the request of Alpiq Romindustries for the granting of 398 million lei as compensation for the denounciation by the Euro Insol trustee of agreement no. 39CE / 29.11.2004, was rejected” shows a release of Hidroelectrica.
“We remind you that this energy trader has lost a lawsuit with Hidroelectrica in February, when through the verdict 1040 of February 12th, 2016 issued by the Bucharest Court in case no. 36549/3/2012, the compensation of 527 million lei, required for failure of delivering of the entire quantity of energy during the hydrological drought between 2011 – 2012 was also rejected. The agreement with Alpiq Romindustries solely generated between 2006 – May 31st, 2012 a loss of 422 million lei, as the Euro Insol trustee found in the report on the causes which led to the insolvency of the company. The energy refunded by denouncing this damaging agreement, Hidroelectrica obtained solely between August 2012 – December 2015 an income of over 220 million lei “, mention the representatives of the state company.
Hidroelectrica also won the lawsuit with Elsid S.A. Titu, which requested the opening of the insolvency proceedings for the compensation of 13 million lei for reducing the amount of energy delivered between September 2011 – April 2012 “because of the enforcing the clause of force majeure”.