Romanian Plane Mkr Avioane Craiova Asks For RON14M BailoutPublish date: 25-02-2009
Romanian airplane maker Avioane Craiova (AVIO.RO) requested the country's privatization authority AVAS a bailout of 14 million lei (EUR1-RON4.2810) to avoid bankruptcy, trade union leader Victor Peta said Tuesday.
Peta said he held talks on Tuesday with Economy Minister Adriean Videanu and the Minister of Transportation Radu Berceanu on the company's situation, and that he requested their support to salvage the plant.
"We've requested a bailout AVAS is able to give to companies with difficulties, particularly since we undergo privatization proceedings. True, the amount we've requested, of RON14 million, might be considered big, but we certainly need it to survive over the next six months," Peta said.
"The money is to ensure the company's activity, to pay suppliers and salaries, so that we can avoid cases when any service or material supplier can ask for insolvency procedure," he added.
The Romanian government recently decided to transfer several companies from AVAS' portfolio to the ministry of economy, including Avioane Craiova.
The transfer, however, is yet to be completed and the two public institutions decline responsibility.
"Unfortunately, things are moving slowly, because the transfer from AVAS to the (economy) ministry has not been made yet. AVAS tells us they can no longer help us regarding the requested aid, as the company is not in their portfolio any more. The ministry has no money to grant such aid. We just might be left to starve like the child with two mothers," Peta said.
- Insurance market stagnated in 2013 while GDP chare dropped to 1.3%
- The Romanian Leasing Market as of December 31, 2013
- Millennium Bank reports best results since its launch, helped by stronger banking income and cost cuts
- BCR cheapens First Home loans and lowers interest loans for loans in lei
- Millennium Bank's new Salary account clients receive up to 600 lei bonus and their utility bills' payment
- GarantiBank and Seamless introduce SEQR in Romania: the newest mobile payment solution
- Bancpost telecom services, now provided exclusively by Romtelecom and COSMOTE Romania
- Millennium Bank cards offer discounts in Domo stores
- BCR Supervisory Board reshuffles Management Board
- NBR decide to lower the monetary policy rate to 4.25 percent per annum
- Common appointments in Romtelecom and COSMOTE Romania
- Up to 5.5% annual interest rate for Millennium Bank's promotional three-month lei deposit
- Eurozone in recovery mode but gap between North and South still widening
- UniCredit Tiriac Bank and RBS Romania announce the successful completion of the retail clients' migration
- Millennium Bank grants First House loans in lei