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Vulpescu (OPSPI): Hidroelectrica, too good to be sold in pieces
Head of the Office of State Ownership and Industry Privatization Remus Vulpescu gave assurances to the trade union members who are picketing in front of the Ministry of Economy, that Hidroelectrica will not be sold in pieces and that the intention is to conclude the process of company reorganisation by the end of the year.
'I appeal to the trade unions to support the process of reorganisation because this does not involve redundancies or paycuts. Reorganisation is a solution to make the company more efficient and to get rid of the contracts with the smart guys. We aim to conclude the reorganisation process by the end of the year,' said Vulpescu, who is also chairman of the board at Hidroelectrica.
Hidrosind, the trade union of Hidroelectrica employees, are picketing on Wednesday the building of the Ministry of Economy. The union members oppose to the company getting insolvent, as major creditors of the company, said Hidrosind leader Decebal Sulea a week ago after Bucharest Tribunal gave the green light to the company insolvency.
According to a release of the trade union, Hidrosind will submit pleas against those who signed the resolution of the board of directors on June 15 (when the request for Hidroelectrica to get insolvent was submitted), for malfeasance in office and undermining the national economy.
As for the authorities, they claim the shares they have at Hidroelectrica will not be sold and that they still want to privatize by issuing shares to increase the shares capital. The Ministry also claims in a release sent on Monday, June 25 that no redundancies or paycuts will be made at Hidroelectrica.
On the other hand, the legal administrator of Hidroelectrica, Remus Borza who is a partner within Euro Insol company, showed on Tuesday that the renegotiation of the bilateral contracts of Hidroelectrica will be concluded in July 2012 and the first, with Europec company, was already terminated.
Bucharest Tribunal approved that Hidroelectrica should get insolvent on June 20. The company requested its insolvency on June 15, 2012 and, according to chairman of the board Remus Vulpescu, opening the insolvency procedure does not follow bankruptcy or the company turning to government ownership, but the reorganisation of a company which does not have liquidity anymore.
Hidroelectrica shareholders are the Romanian government through the Ministry of Economy, owner of 80.0561 percent of the capital, and Proprietatea Fund.
The company supplies a third of the entire power produced in Romania.