Chiritoiu said the company has made no progress and has a difficult past. He added that CFR Marfa had its debts written off a few years ago, and the European Commission agreed with this measure at that time under the pledge of the company’s being privatized somehow.
Chiritoiu pointed out that the European Commission might consider the debt write-off in view of privatization was illegal state aid that must be recovered. Chiritoiu concluded saying that bankruptcy would be the worst-case scenario.
Romania tried to privatize the railroad operator in 2013 but the deal fell through when CFR Marfa’s competitor, GFR, owned by businessman Gruia Stoica, failed to make payment by the October 14 deadline. After the failed privatization attempt, the government promised the International Monetary Fund (IMF) it would restructure the company and sacked 2,500 people, around 30% of the staff.