Transport Minister Dan Sova met Thursday the representatives of the International Monetary Fund and World Bank to provide updated information regarding the stage of CFR Marfa privatization.
Sova said that CFR Marfa currently has no debt to the general consolidated budget or energy suppliers. As steps to reduce debts by the end of March, the company also compensated the receivables of thermal power stations (CET) worth RON87.4 million, sold obsolete train cars for scrap metal, closed new contracts and halted deliveries to clients that have amassed debts to the company CFR Marfa.
The Romanian Government and the IMF agreed to subject CFR Marfa to an aggressive restructuring process and continue the privatization with a strategic investor.
The company’s budget shows plans to lay off 2,500 employees this year, downsizing staff number to 6,376 by the end of 2014. The 2014 budget stipulates RON16.8 million for severance pay.