It has been decided a new quarterly arrear target for CFR Marfa to reduce debts to zero, excluding overdue debt penalties amassed so far, according to the country’s latest letter of intent to a EUR4 billion loan agreement with the IMF and the EU.
Despite efforts to sell CFR Marfa, the privatization of the company fell through and the railway operator keeps amassing arrears, the document reads.
To ensure its viability, the government plans to “aggressively” restructure the company and restart the privatization process.
According to the document, CFR Marfa is to be privatized by the end of May 2015.
According to a draft Government ordinance, CFR Marfa will lay off a part of its employees in 2014.
The sale of 51% in CFR Marfa to private railway operator Grup Feroviar Roman failed as procedures were not completed by the October 14 deadline.