Romanian government approved an emergency ordinance mechanism for granting the state aid for individual rescuing of Hunedoara Energy Complex and for international consultant that will develop in no time a plan to restructure the company, said a press release sent to energynomics.ro.
Ministry of Finance will be able to grant, at the request of the company, a loan in tranches, up to 167 million lei for a period of six months, as an individual rescue aid, the amounts being destined to cover liquidity needs. The state aid for individual rescue will have clear destinations, following that payments and their scope to be established according to the law, by order of the Minister of Energy, SMEs and Business Environment.
“The first tranche, amounting to about 98.5 million lei, will be granted in compliance with Article 5 of Government Emergency Ordinance no. 11/2015 on granting a loan to Hunedoara Energy Complex Company SA from revenues derived from privatization. Immediately after the publication of Emergency Ordinance, Hunedoara Energy Complex will launch an announcement regarding the recruitment of the international consultant which will develop in no time a plan to restructure the company, document to be notified to EC for approval”, said ministry officials.
Subsequently of this authorization, the individual rescue aid will be turned into restructuring aid and will be managed in compliance with national and European rules on competition.
“We are considering implementing a corporate restructuring plan to be able to maintain the company on our national energy market. Hunedoara Energy Complex has already taken steps for its organization on seven cost centers to constant monitor liquidity, rationalize expenses, daily monitor of cash flows and assess the effects on debtors and its creditors”, said Andrei Gerea, Minister of Energy.
