Executive extends insolvency term of Termocom until 2011
Chisinau heat supplier Termocom SA will be in the process of insolvency until 2011. The Government decided to extend the insolvency term so as to implement new methods for restructuring the company.
First Deputy Prime Minister and Minister of Economy and Trade Igor Dodon said that if the insolvency term had not been extended, the company would have had to be liquidated. But the liquidation will have a negative impact on the national economy and the country’s energy security.
According to Dodon, there are several solutions that can help Termocom overcome the difficulties, but these solutions cannot be implemented at the moment. “We are in winter and we can endanger the heat supply in Chisinau,” Dodon said.
In 2002, when the insolvency procedure was initiated, the heat supplier’s debts totaled about 1 billion lei. Now the debts are two times larger, adding up to 2.225 billion lei. Dodon said that the debts are due to the inappropriate pricing policy of the local public administration.
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