INFINEXA Restructuring, a Romanian entrepreneurial company specialized in restructuring distressed companies, with over 130 million euros in assets under management, announces the sale of a portfolio of assets worth over 65 million euros, belonging to Hidroconstrucția S.A.
“We have identified a series of assets that are not essential for the optimal operation of the company during this recovery period, and their sale represents an important first step towards the financial stabilization of the company. Hidroconstrucția entered insolvency with the intention of restructuring, and our main concern is to build a viable plan in this regard,” stated Radu Tudor, Senior Partner at INFINEXA Restructuring, appointed as the judicial administrator of Hidroconstrucția S.A.
The assembly of Hidroconstrucția’s creditors approved the sale of non-essential assets in order to reduce the company’s operating costs and allow the repayment of amounts to creditors. The assets put up for sale include real estate, equipment, and a series of stakes that Hidroconstrucția holds in other companies. All these assets will be sold through auction procedures organized by the judicial administrator and promoted in accordance with the law.
Hidroconstrucția S.A., the largest Romanian contractor in the field of hydropower, filed for insolvency on January 19, 2022, on its own initiative, with debts exceeding 500 million lei. The consortium formed by INFINEXA Restructuring and Mușat & Asociații Restructuring Insolvency SPRL was appointed as the judicial administrator. Currently, the company is in the observation period, before proposing a reorganization plan.
Founded in 1950, Hidroconstrucția S.A. is a Romanian company with 100% private capital, known as the main builder of most hydropower projects in the country. Currently, the company is responsible for investments in the Livezeni – Bumbești, Răstolița, Buzău – Siriu – Surduc hydropower developments, and other public works.