The new management team of the Romanian state-owned rail freight operator CFR Marfa plans to implement a new restructuring process, stated Dan Costescu, Minister of Transport. The company is in a difficult situation after carrying out a debt-equity conversion in advance of the 2013 privatisation process which eventually did not take place. DG Competition advised of finding a solution for the situation. Returning the EUR 380 million state aid in 2018 would obviously lead to the immediate closure and liquidation of the rail operator.
“The new team, together with their colleagues still in the company – CFOs, operations – have the task to immediately start a restructuring process. They will be focused on the five classic pillars of restructuring: realignment of assets, restructuring of assets and liabilities, staff restructuring, not necessarily by reduction, and the last two pillars at the management and strategy levels. They are close to finalizing a request for proposal for an independent consultant who will help especially the last two pillars, the strategic ones. Together with the actions that the team will carry out, they will be able to meet their objective. The ultimate objective in order to escape the specter of this state aid to be returned is obviously privatization, however not by any price, but trying to get the best possible offer for the Romanian state. Considering the stages of restructuring and then of the privatization process then this goal is set at the level of 2018”, Costescu said.
According to the minister, CFR Marfa needs the consultancy services of a large company which has previously provided help and made profitable similar European companies.