In early June, Iulia Alba Appeal Court has cancelled the insolvency of Energy Complex (EC) Hunedoara, according to the appeal made by Noroc Bun trade union against the sentence of syndic judge of entering in insolvency. However, the company filed for insolvency again and in late June, the Hunedoara Court approved the decision on reentering insolvency and again appointed GMC SPRL Craiova as the company’s judicial administrator.
However, during the brief period out of insolvency, the financial status of the company worsened. Its total debt was increased by 22.5 million euros during that time, and currently amounts to over 320 million euros.
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Tags: debt, EC Hunedoara, electricity, financial, insolvency, Romania