Elcomex, the leader of the Romanian market of services and solutions for Nuclear Power Plants, is heading to insolvency exit after winning contracts worth more than RON 80 million and paid over 45% of the historical debts included in the payment schedule, in the first quarter of the reorganization plan.
“In the past few months, the company has won the maintenance contracts for the Cernavoda Nuclear Power Plant (CNE) for the 2019-2023, after the public procurement procedures. These, combined with the restructuring measures implemented, ensure the successful fullfilment of the reorganization plan and the exit from insolvency”, said Cristian Gavril, Head of Business Recovery Services, PwC Romania, the company’s judicial administrator.
After entering into insolvency, on 7 April 2017, PwC’s restructuring department, with the support of the company’s representatives, implemented recovery measures that led to debt recovery, staff restructuring, denunciations of wicked contracts, and operational profitability. All this has led to the stopping of losses in the past two years and profitability since 2018.
Elcomex IEA closed 2018 with operating incomes of RON 32 million, a net profit of over RON one million and 280 employees.
The reorganization plan, prepared and submitted with PricewaterhouseCoopers Business Recovery Services SPRL, as Judicial Administrator, was approved by the Creditors on 20 March 2019 and confirmed by the Sindic Judge on 19 April 2019.