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Musat & Asociatii Restructuring & Insolvency Announces Sale of Termoelectrica Asset

panoramio.com

Romania
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Musat & Asociatii Restructuring & Insolvency, acting as liquidator on behalf of Termoelectrica, has assisted the energy company on an auction to sell off the company's Doicesti plant.


   
Termoelectrica (www.panoramio.com)

The public auction closed on July 25 with the asset being adjudicated to European Energy Communications for the final price of RON 60.89 million (approximately EUR 13.8 million) + VAT.

The open auction, first announced on June 25, was originally set to take place on July 17. Submission of documents to participate in the auction had an original deadline of July 14. On July 15, the firm announced that the deadline for filing had been extended until July 16. Further extensions of the deadlines were announced on July 18 and July 23, and the auction finally took place on July 25. The final sell price was the one originally set as the bid starting value. 

Termoelectrica commenced insolvency procedures voluntarily on March 12, 2013. 

Musat & Asociatii Restructuring & Insolvency was created in 2006 as a separate entity to the law firm Musat & Asociatii. Focusing (as the name implies) on insolvency procedures, the consultancy works closely with the firm it was named after and coordinates with the law firm on adjacent matters such as tax, labor and corporate advice.

 

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