Bogdan Tudorache

Following the adoption by the Deputies of the law of debt-to-equity swap for coal and thermal energy companies, the court rejected the file by which CE Hunedoara applied for insolvency. Thus, the debtors can use their foreclosure rights, and, as a priority at the credit table, the state can pass into its account the main assets, extinguishing the company’s debts to the budget.

The insolvency application filed in the Hunedoara Tribunal by the Hunedoara Energy Complex (CEH) administration was rejected on Thursday by the court, as well as the request by which the company demanded for the provisional suspension of the individual forclosure procedures. The judgment of the court can be appealed within 7 days from the communication.

In another file, in which several creditors demanded the insolvency of the CEH, the court decided to settle the applications for a new term which was set on November 14th.

Without commenting on the court’s decision, the “Solidarity Hunedoara” Syndicate, from the Mintia power station, part of the CEH, expressed its concern that the company cannot go into insolvency and its accounts can be foreclosed by creditors. “All receipts will go to creditors, and the payment of suppliers and future salaries will become a problem. Insolvency is necessary because it automatically stops the foreclosure of the accounts. Without the payment of the coal transport to CFR and without gas, as suppliers, there is the risk of stopping the power plants,” said the president of the “Solidaritatea Hunedoara” Union, Cristian Iştoc, quoted by Agerpres.

On Tuesday, the Chamber of Deputies approved the ordinance which stipulates the extinction of some fiscal and budgetary obligations of the economic operators that ensure the supply of electricity and thermal energy in a centralized system, including the coal-producing companies. The law mainly concerns CE Hunedoara, but it can be extended to other companies as well.