VF Insolvență SPRL, through Managing Partner Mariana Popa, finalized yesterday, March 11, 2024, the sale of UCM Resita SA business to Hidroelectrica SA – through the newly established company, Uzina de Construcții Mașini Hidroenergetice SRL.

With the signing of this contract, perhaps the most important chapter in the history of the last 100 years of the company currently under judicial reorganization, Uzina Constructoare de Mașini Reșița SA (U.C.M.R.) is closed. The oldest industrial platform in the country is being taken over by Hidroelectrica SA, the largest green energy producer in Romania, after in January this year, Hidroelectrica shareholders approved the transaction whereby the electricity producer and supplier takes over the UCMR business, as well as the establishment of a new company, Uzina de Construcții Mașini Hidroenergetice SRL (U.C.M.H.). to which the business is being transferred at a price of RON 67.9 million.

Since its appointment by the Bucharest Tribunal in 2011, VF Insolvență SPRL, part of the consortium of judicial administrators of the debtor UCM Reșița, has efficiently coordinated the procedure of this important company in the Romanian economy, managing to maintain it on the profile market and, finally, to implement through the reorganization plan the business transfer transaction to Hidroelectrica SA in order to further capitalize its industrial potential and strengthen the buyer’s market position.

“We are pleased that the sustained work of VF Insolvency, carried out during more than 12 years of receivership of UCM Resita SA, has led to the future development of this industrial platform of great importance for the country’s energy economy. In these times when sustainability is proving to be key for the future, we are proud to have been in a position to contribute to the establishment of the premises for a successful re-launching of this business on solid foundations.

We also welcome the cooperation of all stakeholders involved in this complex project: the creditors – who actively and swiftly participated in the procedural acts, the business partners – who trusted and continued the contractual collaboration, the directors Cosmin Ursoniu and Nicoleta Liliana Ionete – who had the vision and determination to complete this transfer showing unconditional support at all times, the members of the support and production departments, as well as the employees – whose professional qualities are an invaluable resource, the Hidroelectrica team, including Hidroserv, and last but not least my consortium colleague, Răzvan Dobrin.

We wish Hidroelectrica’s team success in the development of the projects that were being carried out by UCMR at the time of the transfer, in particular for the repair works of the two Runner Hubs for Iron Gate I Hydropower Plant – the largest power plant in Romania with the highest installed capacity. We are confident that under Hidroelectrica’s management many important achievements will be written on the white pages of the new chapter in the life of the plant, and in the period to come there will be no more disruptions in terms of the order portfolio and the way of contracting them.” said Mariana Popa, Managing Partner of VF Insolvency SPRL.

VF Insolvență SPRL is a professional insolvency administration, liquidation and restructuring company, and an important player in the professional services market, with significant experience and a deep understanding of the Romanian business environment and legal framework. The firm is part of the Voicu & Asociații group of companies (formerly Voicu & Filipescu) established in 2001, which provides full-spectrum legal services, being included over time among the most important law firms on the Romanian market, for the valuable assistance and expertise offered to its clients in large-scale projects concerning the local and regional business environment. The range of services offered, complemented over time by the specialized company of tax consultants, Voicu Financial & Tax Advisers SRL, has targeted over 1,000 clients, international and national companies operating in various economic sectors.