Insolvency Expert SRL, as the judicial administrator of the Company Complexul Energetic Hunedoara SA in insolvency proceedings, successfully transferred assets to the Ministry of Energy, by completing the mechanism provided for by Emergency Ordinance no. 60/2019, informs a press release of the company.

This transfer, as well as the sale of the Mintia Thermal Power Plant in December 2022, represents the largest restructuring of a company of strategic importance carried out in Romania, with the continuity of activity and securing the majority of jobs.

The transfer value of the functional asset is over one billion lei, compared to the market value established in the insolvency procedure, according to Agerpres.

“Since entering into insolvency, we have started an extensive restructuring process at SCEH SA. This involved several stages, the first being the realization of one of the most important transactions for the Romanian energy sector, namely the sale of the Mintia Thermal Power Plant at the market value of 91.2 million euros to a buyer who undertook investments and the creation of new energy capacities. Obtaining this impressive amount ensured sufficient funds to pay salaries without delay, and to fully pay illegal state aid amounting to 64 million euro. At the same time, at the beginning of this complex and long-lasting process, a reduction in salary costs was necessary, which was achieved by granting compensatory salaries and additional income,” said Emil Gros, coordinating associate of the judicial administrator Expert Insolvency SPRL.

According to the cited source, with the completion of the procedure provided by GEO 60/2019, the transfer of all functional energy and mining assets that serve the activity of the Paroşeni Power Plant, as well as the Lonea, Livezeni, Vulcan, Lupeni and Prestserv branches, is ensured.

At the same time, the entire current staff is transferred to the new company Complexul Energetic Valea Jiului, ensuring the supply of electricity, as well as the continuity of the activity within the National Electric Energy System.

The payment procedure thus marks the termination of SCEH SA’s activity without economic-social impact, and its entry into the bankruptcy procedure, which will be requested in court.