Shareholders in Romanian electricity producer Hidroelectrica, Romanian state and private investment fund Fondul Proprietatea have signed an agreement with Raiffeisen Bank and Morgan Stanley which establishes the resumption of the obligation under the Engagement Letter for Hidroelectrica’s initial public offering (IPO).
The Engagement Letter was signed in February 2014 and it appointed Raiffeisen Bank and Morgan Stanley as intermediaries for the company’s listing in the capital market. However, this document was suspended in June 2014 because the company re-entered insolvency proceedings, which prevented the fulfillment of objectives in accordance with the initial timetable.
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Tags: electricity, Hidroelectrica, insolvency, IPO, listing, Morgan stanley, Raiffeisen Bank, Romania