Bucharest Tribunal Oks RADET insolvency

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Bucharest Tribunal on Wednesday admitted the Autonomous Administration for Thermal Energy Distribution (RADET) request for insolvency. Decision can be challenged in seven days.

Judges have set a deadline of 10 days from notification for the creditors who want to file vetoes.

RADET has debts to Electrocentrale Bucharest worth more than RON 3.9 billion (approx. EUR 867 million).

The General Council of Bucharest (CGMB) has recently approved the draft resolution mandating the Bucharest administration for thermal energy distribution to take all the necessary technical, legal and economic steps needed to ensure the Administration’s business continuity to guarantee the supply of heat for households and institutions.

The project includes an amendment to RADET’s entry in insolvency, consequently the institution will address a court.

Bucharest general mayor Gabriela Firea said that RADET insolvency represents the safest way to protect Bucharesters on hot water supply.

The managing board of ELCEN also filed a request for insolvency.

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