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Popovici Nitu & Asociatii obtains an irrevocable judgment for Fondul Proprietatea against the creation of the two energy giants, Electra and Hidroenergetica

December 5, 2011

Popovici Nițu & Asociații represented Fondul Proprietatea in numerous lawsuits, aiming at cancelling the creation of the two energy giants, Electra and Hidroenergetica, pursuant to the attempted reorganization of the energy and coal State majority-owned producers.

Electra would have been resulted from the merger of Nuclearelectrica SA, Complexul Energetic Turceni SA, Complexul Energetic Rovinari SA and Complexul Energetic Craiova SA, part of Hidroelectrica and Societatea Nationala a Lignitului Oltenia. Hidroenergetica would have incorporated part of the Hidroelectrica’s assets, Hidroserv Bistrița SA, Hidroserv Slatina SA, Hidroserv Porțile de Fier SA, Hidroserv Curtea de Argeș SA, Hidroserv Sebeș SA, Hidroserv Hațeg SA, Hidroserv Cluj SA and the power plants Electrocentrale Deva SA and Electrocentrale București SA.

During the last 12 months, Fondul Proprietatea, represented by Popovici Nițu & Asociații, obtained four favorable preliminary injunctions against Hidroelectrica SA, Nuclearelectrica SA, Complexul Energetic Turceni SA and Complexul Energetic Rovinari SA, thus suspending the shareholders’ decisions whereby the creation of Electra and Hidroenergetica has been approved.

On November 28, 2011, the Court of Appeal of Craiova irrevocably admitted the final appeal filed by Fondul Proprietatea, cancelling the reorganization decision of the shareholders of Complexul Energetic Craiova.

The multi-disciplinary 5-lawyer team was led by Ciprian Donțu (Litigation Partner), Alexandru Ambrozie (Corporate & Tax Partner) and Mihaela Pohaci (Tax Partner).

 

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