* "The clever boys" in the energy sector have great odds of seeing their rights reinstated
* If the court decides that Hidroelectrica should exit insolvency, the energy maker is at risk of going bankrupt, the receiver says
At the end of last week, the Bucharest Court of Appeal admitted the evidence brought by the companies in the Alpiq group and by the Hidrosind union, which have filed an appeal against the decision of the Court of Bucharest to admit the insolvency of Hidroelectrica. The companies in the Alpiq group, as well as the Hidrosind union, have filed requests for intervention against the decision to begin the insolvency procedure at Hidroelectrica, but they were rejected by the Court of Bucharest.
On Thursday, the Court of Appeal rejected the evidence of Euro Insol, the receiver of Hidroelectrica, and will announce its ruling in this case on October 11th. The ruling will be non-disputable.
Extremely outraged, Remus Borza, the manager of Euro Insol, gave us the following statement: "I think that it is unacceptable that the judges have accepted the evidence of the two companies of Alpiq and of the Hidrosind union and that they rejected ours. The challengers are not parties in this case, and the appeal shouldn't have been admitted. The judges even rejected our report on the causes of the insolvency, which was approved by 99% of the creditors of Hidroelectrica".
Arin Stănescu, the CEO of the National Union of Insolvency Practitioners (UNPIR), said: "Mr. Borza is right. The judges of the Court of Appeal shouldn't have admitted the appeal because the Alpiq companies and the union were not parties in this lawsuit. From my point of view, if the companies and the union consider themselves creditors of the company, the only avenue of attack is the non-administrative procedure (ed. note: this is also the case of Hidroelectrica SA, which f
