Hidroelectrica SA’s insolvency won’t force the Romanian utility into bankruptcy though its planned sale of a stake is no longer possible this year, Chairman Remus Vulpescu said today in Bucharest.

The insolvency is meant to help the company’s reorganization and won’t lead to cuts in power, he told journalists.

“We didn’t eliminate or exclude the possibility of getting money for Hidroelectrica through a share sale, but it can’t be done this year,’’ Vulpescu said.

To contact the reporter on this story: Andra Timu in Bucharest at atimu@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net