Layoff proceedings for the other 300 employees will begin in November.
Termoelectrica is controlled by the state, through the Ministry of Economy, and has 12,000 employees. It is one of the companies monitored by the International Monetary Fund, and in accordance with the Government’s commitments to the Fund, must be restructured.
In a World Bank report published last year, Termoelectrica was mentioned as being “de facto” bankrupt and non-viable, with losses of 203,000 lei (EUR45,540) per employee. (EUR1=RON4.4576)