OREANDA-NEWS. May 31, 2013. Termocom is listed among debtors of vital importance for the national economy to prolong the term of implementing the plan for its restructuring.
This was decided by Cabinet ministers at their sitting at the initiative of the Economy Ministry. According to Minister of Economy Valeriu Lazar, the deadline for implementation of the Termocom restructuring plan will be postponed till the end of the year. This will allow putting into practice the concept and the Plan of Action on corporative, institutional and financial restructuring of the system of centralized heat supply in Chisinau.

According to these documents, Termocom and two heating stations of Chisinau are to be merged into one company in order to improve the situation at the energy sector of Moldova and efficiency of the centralized heating system, providing better services at more affordable prices and attracting long-term investments in the sector. Including Termocom in the list of debtors of vital importance of the economy of Moldova is expected to grant lenders to the enterprise an opportunity to restructure the company in the best possible way and ensure uninterrupted supply of heating to city dwellers.

The insolvency procedure for Termocom was launched in 2001. At that time its debts to Heating Station 1, Heating Station 2, Moldovagaz and RED Gas Natural Fenosa exceeded MDL 1 billion. Since 2002 the company has worked under the restructuring procedure, which has been several times prolonged, for 3 –years each time. The last time it was prolonged in late September 2012 till May, 31, 2013. In 2002-2009, Termocom accumulated debts at an amount of over MDL 1.5 billion because new prices for heat had little in common with real costs the enterprise was bearing to generate, transport and distribute heat.

Since 2010 the price for heat has covered all costs necessary to provide normal functioning of the enterprises because powers to establish prices for heating were delegated to the National Energy Regulatory Agency. Taking into account a difficult financial and economic situation at enterprises of the energy sector of Chisinau and their mutual non-payments, the Ministry of Economy suggested that the system of centralized heating in the municipality should be restructured.

 Due to some reasons, the deadline for the restructuring was several times extended. One of the reasons is that Termocom has accumulated historical debts of MDL 2.5 billion and a solution to this matter has not been found yet.