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Hidroelectrica will not come out of insolvency this year due to ongoing processes

Due to the nineteen ongoing processes, the exit from insolvency for Hidroelectrica is not possible says Remus Borza, the Director General of the energy producer. "The processes progressing very slowly. It will not come out of insolvency for sure this year. Hopefully next year," said Borza. 
 The company entered insolvency for a second time in early 2014. Hidroelectrica declared insolvency for the first time in 2012 due to severe drought and contracts that forced the energy producer to sell electricity below market prices, registering huge losses. 
 Hidroelectrica recorded a gross profit of 1.2 billion lei in 2014 and produced 18.2 terawatt of electricity. The Romanian government agreed with the IMF and the European Commission to list on the stock exchange a minority stake in Hidroelectrica but the process can only start in three to four months after the exit from insolvency says Borza. 
 Fondul Proprietatea, the only minority shareholder of Hidroelectrica, evaluates the 20% stake it holds at 494 million euro, resulting a value of the company of about 2.5 billion euros.
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