Romania To Write Off CNH’s Debt To State Budget
Romanian state-run coal mining company Compania Nationala a Huilei (CNH) will transfer its non-viable mines to the national tax authority ANAF in exchange for having its debt to the consolidated budget written off, according to a government decision Thursday.
“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.
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