January 4 (SeeNews) - Romanian corporate restructuring company Concilium Consulting said on Wednesday that it has been appointed as special administrator at hydrotechnical construction company Hidroconstructia which is undergoing insolvency proceedings.
Concilium Consulting will manage Hidroconstructia's assets by
proposing and monitoring the implementation of a reorganisation plan, it said in a press release.
"The company's recovery strategy is aimed at ensuring the continuation of the business in order to be able to complete in a timely manner projects of national importance that are already in course, such as the construction of water-canal infrastructure throughout the
country as well as work for our beneficiary Hidroelectrica," said Vlad Nastase, CEO of Concilium Consulting.
Hidroconstructia went into insolvency on its own initiative in January 2022 due to accumulated debt.
In November, the Romanian anti-trust body approved the takeover of the hydropower contractor by electricity infrastructure company Electromontaj.
Hidroconstructia originates from the former General Department of the Bicaz HPP founded in 1950 as the sole constructor of the hydropower installation at Bicaz, northeastern Romania. The company has been insolvent since January 2022, when it filed a court request in Bucharest.
Part of Group H4L, Electromontaj designs, builds, transforms and maintains infrastructure for the distribution of electricity. Group H4L is active in real estate, renting, logging as well as in the production and trading of electrical energy and natural gas.