"Bad management" because of problems at Hidroelectrica
Chairman of Hidroelectrica, Remus Vulpescu, rejected scenarios under which the company calls for entry into insolvency in order to get a delay in honouring contracts.
Articol de Roxana Dumitrescu, 20 Iunie 2012, 08:32
Hidroelectrica management gives explanations for the application for entry into insolvency.
The mismanagement of the company is, in short, the cause that led to a profit well below the capacity unit, appreciates the Chairman of the Management from the company, Remus Vulpescu.
Remus Vulpescu rejected various scenarios that occurred after, surprisingly, Hidroelectrica, one of the largest energy producers in the country, called for a way to obtain a delay in honoring contracts, during which to its solve problems.
Chairman of Hidroelectrica, Remus Vulpescu, explained the demand purpose of entry into insolvency of the company and said that managing a company that finds it can no longer cope with the liquidity of financial obligations is obliged to ask the court to issue a request opening of insolvency proceedings.
Thus it seeks to identify problems that society has and is aimed at finding practical solutions, as well as their application through a trustee.
Remus Vulpescu considered that thus the company is reorganized and the debt pay is pursued.
“We have nothing related to the bankruptcy by this approach”, said Remus Vulpescu.
Chairman of the Hidroelectrica management council labeled the situation that Hidroelectrica currently is as consequences of a disaster management and therefore the only purpose is to correct these problems.
Remus Vulpescu denied also the association of insolvent entrance demand with the cancellation of bilateral contracts to sell energy at preferential prices, as they talk in the press.
The insolvency excludes stock exchange listing
Remus Vulpescu admitted, however, that the approval of the application for entry into insolvency excludes the listing on the stock exchange of Hidroelectrica ten percent from assets as planned in agreement with the IMF.
The agreement provided that somewhere before the end of the year this thing should happen.
The introduction of private management remains valid, it will run until the end of the month, says Remus Vulpescu.
The reorganization of the company will not take longer than 18 months, assures the Management President of the Council, period during which the company's business will continue.
The amount of energy will not decrease, manufacturing groups will not be closed and dismissal of employees is not intended.
Translated by Alexandra-Diana Mircea
MTTLC, Bucharest University
