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Romanian Power Generator Hidroelectrica Files for Insolvency

June 18 (Bloomberg) -- Hidroelectrica SA, Romania’s state-owned hydropower generator, filed for insolvency last week, without giving a reason, the Economy Ministry said in an e-mailed statement.

The first court hearing on Hidroelectrica’s request was set for June 20, Mediafax news service reported today, citing a court document.

The government pledged to the International Monetary Fund and the European Union to renegotiate some bilateral contracts of the country’s biggest power producer with companies such as Alro SA, which are under investigation by EU competition authorities for possible state aid on selling power below market prices.

Romania plans to sell a 10 percent stake in Hidroelectrica this year.

To contact the reporter on this story: Andra Timu in Bucharest at atimu@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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