“CNH’s debt to the state consolidated budget will be written off, following the takeover by ANAF of the three non-viable mines, namely Petrila, Paroseni and Uricani,” the government said in a statement.
CNH, Romania’s largest debtor, operates seven coalmines and employs 8,800 staff.
Four of the seven mines were deemed viable and will continue to operate after the company’s reorganization, while the three non-profitable units will be managed by a soon-to-be established company and will receive state subsidies until 2018, pending approval from the European Commission, the government said.
CNH has total debts to the state budget of EUR1.2 billion.