Romaero benefits from a new government decree that canceled 50% of its principal historic debt to the state budget and 100% of penalties amassed over time, reducing its debt by around RON255 million.
The Romanian state has recovered RON50 million from Romaero’s debt amassed in the past decade and is set to recover an additional RON77 million throughout the implementation of the company’s restructuring plan, said restructuring firm CITR, part of Impetum Group.
Romaero posted a loss of RON24.1 million in the first half of 2020, compared with a loss of RON32.3 million in the same period last year. The company had a turnover of 45.3 million, down 7.8% on the year.
Romaero is 56.7% by the Romanian state, regional investment fund SIF Muntenia (SIF4.RO) owns 23.2%, and Fondul Proprietatea (FP.RO) owns 18.9%.