* There are more "clever boys" leeching off the company than those involved in the direct bilateral contracts
* The unprofitable contracts are turning the idea of bringing professional managers to the state owned companies into an illusion
* Insolvency, an efficient tool to get rid of the leeches, Remus Borza says
Hidroelectrica can not exit insolvency this autumn, "like some are triumphantly announcing", the receiver of the company, Remus Borza said yesterday.
Prime Minister Victor Ponta and minister of the Economy Daniel Chiţoiu recently said that Hidroelectrica will exit insolvency this summer and will be a much stronger company.
Mr. Borza explained his position: "Exiting the insolvency in autumn isn't opportune. A realistic deadline would be next summer. Some people feel like insolvency has ended now that the contracts with the clever boys have been denounced. The contracts are just the tip of the iceberg. We have identified seven more causes which have led to the insolvency of Hidroelectrica".
Remus Borza went on to say: "The only one who manages Hidroelectrica is the receiver. That final. I understand these are political statements. I praise the courage of prime minister Ponta, minister Chiţoiu and of the head of the OPSPI, Remus Vulpescu, to begin the insolvency procedure. A more realistic deadline would be June 30, 2013. This deadline shouldn't frighten anybody", Borza said.
Hidroelectrica has 839 creditors, and the amount of the claims made against it by 327 of them amounts to 5.1 billion lei. The receiver said yesterday, in a conference: "When we are done reviewing all of the cases of the creditors, we may have the surprise to find out that we may have 6-7-8 billion lei in liabilities. How will we pay our creditors? Technically, we could end the insolvency in autumn if we schedule the payment of receivables or if
