Local insolvency house CITR has put up for sale warehouses, plots, apartments and cars owned by the pharma distributor ADM Farm, which is under insolvency, Romania-Insider.com reported. Their value amounts to EUR 5.5 million, without VAT, reports local Profit.ro. The most valuable asset is a 10,200 sqm land plot located in Ilfov county, which sells for EUR 3.5 million. The company’s warehouse and the office, located in Craiova, are up for sale with EUR 188,000. A pharma storehouse and an office, located in the village of Carcea, Dolj county, can be bought for EUR 506,000.

Romania's largest power producer Hidroelectrica is no longer insolvent, Bucharest's main court ruled on Tuesday, paving the way for the first initial public offering of a state firm in the country since 2014. After the ruling, Hidroelectrica said it planned to sell a minority stake in an initial public offering in November. Hidroelectrica has been run by a court-appointed manager since it became insolvent for the first time in 2012. "The court ruled today to end Hidroelectrica's insolvency process," a court clerk who read out the ruling at the Bucharest Tribunal told Reuters.

The Bucharest Court has postponed the exit from insolvency procedures of Hidroelectrica to June 21. The decision was postponed numerous times already, since the energy supplier entered insolvency in February 2014 for the second time. Previously, the company was placed under judicial reorganization procedures between June 2012 – June 2013. The court was supposed to rule on the matter on June 8 and later on June 15.

The Romanian insolvency law should be modified because it’s to permissive, according to Dragos Doros, the president of Romania’s National Fiscal Administration Agency – ANAF, Romania Insider reported. The state has been losing big amounts of money from firms that went into insolvency to take advantage of the holes in the law and avoid paying their taxes. “Almost every company that enters insolvency leads us to the conclusion that we will not get much from it.

Romanian thermal power plant CET Govora entered insolvency after a decision of the Ramnicu Valcea Court yesterday, Romania-Insider reported. The company will be managed by the judicial administrator Euro Insol, led by insolvency lawyer Remus Borza, reports local Agerpres. The insolvency house is also responsible for Romania’s largest energy producer Hidroelectrica. CET Govora is the second biggest company in the Valcea county. The power producer lost EUR 30.5 million after state – owned chemical producer Oltchim entered insolvency, in January 2013.

CET Govora, the state-owned electricity and heat producer, has filed for insolvency, Business Review reported. The company was a supplier for several cities, including Ramnicu Valcea. CET Govora has debts of around EUR 200 million for the coal it got from another state-owned company, Complexul Energetic Oltenia. The company also has to recover money. For instance, it should receive RON 137 million from state-owned petrochemical plant Oltchim, which is at present in insolvency.

Romanian prospecting company Prospectiuni Bucuresti, controlled by local investor Ovidiu Tender, has entered insolvency, Romania Insider reported. The Bucharest Court approved the company’s insolvency request and appointed local firm Euro Insol as judicial administrator. Euro Insol, founded by Romanian lawyer Remus Borza, is also the legal administrator of state-owned power producer Hidroelectrica. It also manages other big insolvent companies in Romania, such as energy equipment producers UCM Resita, Uztel Ploiesti, and Vulcan Bucuresti. Vulcan is also controlled by Ovidiu Tender.

Romanian state-owned power producer Hidroelectrica expects to finally exit its insolvency process by next month, and aims to sell a minority stake in an initial public offering by November, its manager told Reuters on Sunday. Romania's largest and cheapest power producer has been run by a court-appointed manager after it became insolvent for the second time in early 2014. It first became insolvent in 2012 after losing $1.4 billion over six years from contracts under which it sold the bulk of its output below market prices.

The new insolvency law, which entered into force in mid-2014, has reduced the number of businesses that entered insolvency, Romania-Insider reported. Just over 9,100 companies became insolvent last year, compared to over 19,000 in 2014, and 23,000 in 2013. In the first half of 2014, when the old insolvency law still applied, over 17,000 companies entered insolvency. The number dropped to 2,200 insolvency procedures in the second part of 2014 after the new law was introduced, reports local Profit.ro. The law limits the possibility to declare insolvency under any conditions.

Romania’s Government considers postponing the personal insolvency law’s implementation, Romania-Insider.com reported. The Justice Ministry has come up with the proposal, following a request of the Superior Council of Magistracy (CSM). Romania’s justice system doesn’t have the necessary staff and lacks the time to hire specialists until the end of the year, according to CSM, reports local Digi24. The personal insolvency law should enter into force at the beginning of 2016.