Creditor writes off 20 mln euro of Romania's Hidroelectrica debt

Euro Insol, Hidroelectrica's administrator, reached an agreement last week with the German-Austrian consortium of Voith Hydro and Andritz Hydro under which it will forgive 20 million euro from a total debt of 87 million euro, Hidroelectrica said in a statement on Tuesday.

Hidroelectrica's judicial administrator has so far re-negotiated 423 of all the company's 500 commercial contracts in effect, reducing the company's costs by 93 million euro, the statement added.

The administrator also announced that Romenergo will write off some 8.3 million lei ($2.4 million/1.8 million euro) representing penalties for delays in payments for construction works.

($ = 0.7651 euro)