OREANDA-NEWS. June 17, 2010. The power distribution stock company Red Nord, the only shareholder of which is the state, will appeal against a decision by the Economic Court of Appeal, under which the procedure of the company's bankruptcy was initiated at the request of the Ukrainian Energoalians, which claimed a debt of almost 1.5 million dollars. The court decision was issued on 3 June 2010, but was announced on 8 June only.

Economics Minister Valeriu Lazar told a cabinet meeting today that the court's decision was illegal, as this debt was invented. The debts of Red Nord were fully paid to the providers, and there are no debts to Energoalians Ltd. Red Nord will urgently submit an appeal to the Supreme Court of Justice to defend its interests, Lazar said.

Lazar stressed that the situation is kept under control. He said that, in these conditions, the complete functionality of the enterprise will be ensured, so as not to affect the consumers, including economic agents.

Prime Minister Vlad Filat said that all relevant actors should involve in the settlement of this situation so as not to allow interventions in the good work of Moldova's energy system.

The Balti-based Red Nord stock company supplies power to the consumers from Moldova's northern region. The power distribution grid serves 200,000 subscribers from the districts of Ungheni, Glodeni, Riscani, Singerei, Floresti, Rezina, Soldanesti. Ten branches with 1,470 wage earners are included in the enterprise's structure.