The reorganization plan of the industrial energy and steam producer Electrocentrale Galați, indirectly controlled by the Ministry of Economy through the company Electrocentrale Grup and insolvent since 2014, provides for the sale of the company’s main assets and operations for a minimum of 91.8 million lei, writes Profit.ro.

Potential buyers “to whom is primarily addressed” this business transfer idea are Romgaz, the main creditor of Electrocentrale Galati and the Liberty Steel steel plant, the main customer of the Galati energy producer, the two companies already agreeing in principle to build a new gas station on the Danube.

The cited document was submitted to the court by the company’s judicial administrator at the end of August, but it was rejected by the Galati Electrocentrale creditors’ meeting on October 1. The decisive factor was the negative vote of Romgaz, the largest creditor of the Galaţi company, with total receivables of 140 million lei. The total debts from the credit table of Electrocentrale Galați amount to 157.54 million lei.

The plan was submitted in its own name by the judicial administrator, Maestro sprl, who failed to obtain the approval of the sole shareholder of Electrocentrale Grup, wholly owned by the Ministry of Economy, which did not appear at the GSM convened for this purpose. At the beginning of August, a procedure for collective dismissal of Electrocentrale Galati employees started, with compensatory payments.