Both Romelectro SA and Hidroconstrucția have filed for insolvency, according to the files registered in the last months at the Bucharest Tribunal.

In 2020, Romelectro recorded a turnover of 201 million lei and a loss of 8.13 million lei.

Romelectro has over 50 years of experience in the local and international market, being one of the most important EPC contractors in Romania, covering through its projects the entire energy chain: from production to transmission, distribution and supply of electricity.

Romelectro was involved in the construction of the Romgaz power plant in Iernut, which has not yet been completed, although the deadline was 2019.

Hidroconstrucția decided on the operational and financial restructuring of the company for the next period in order to protect its own employees and contractual partners, according to financialintelligence.ro. In this regard, the Company notified the Bucharest Tribunal on 13.12.2021, with a request having as object the reorganization of the company within the insolvency procedure, according to a press release. The company was affected by a number of factors, including legislative issues in the field of hydropower planning, labor shortages, the crisis caused by the pandemic and liquidity shortages.

“Currently, Hidroconstrucția SA has an important number of projects in progress in the country and abroad and aims to reorganize its activity under the benefits provided by the insolvency law and with the support of contractual partners, including financing banks,” company officials said.