The debts owed to the Treasury by Romaero, a strategic state defense company specializing in aeronautics and insolvent since January, will be assumed by the Authority for the Administration of State Assets (AAAS). This institution, which operates under the Ministry of Economy and is the majority shareholder of Romaero, will take on the debts following a government decision today. The goal of this measure is to attract investors to the company. The procedure as such, which is applicable to all state companies insolvent, bankrupt or in preventive arrangement, was recently regulated by emergency ordinance. The budgetary claims held by ANAF on Romaero, to be transferred to AAAS, currently amount to more than 466 million lei, which represents more than half of the company’s total credit balance, amounting to more than 851 million lei. ″Although it made efforts to partially pay the amounts owed to the state budget and the social insurance budget, given that the activity was disrupted by several factors that caused fluctuations in the volume of activity and contracted works, it was not possible to fully comply with due dates. If the current situation were to remain unchanged, the company would face a risk of bankruptcy, and all the efforts made so far to stabilize it and the relations with the other creditors would be practically cancelled. Based on the specific procedures, AAAS can contribute to attracting investors interested in developing the company’s activity segment, while ANAF mainly aims to capitalize on assets and recover debts in a relatively short time”, states the explanatory note of the decision regarding the takeover by AAAS of Romaero’s tax debts. The American defense group Lockheed Martin and Aerostar Bacau very recently opened the first certified maintenance, repair and overhaul (MRO) service center for the S-70 Black Hawk helicopter in Europe. The center was originally supposed to be opened in Romaero, but the idea was dropped due to the company’s financial problems.
AnimaWings, the Romanian airline founded in 2020, has introduced new all-inclusive service packages on both international and domestic flights, marking what the company describes as a first in its onboard offering. The packages, named Priority All Inclusive and Priority All Inclusive Plus, combine baggage, meals, drinks, premium seating, and airport priority services into a single […]
Property developer M Core has opened M Park Orăștie, a new retail park developed on a 23,000 sqm plot in an established commercial area of the Romanian city. The project delivers around 5,500 square meters of single-level retail space, designed to accommodate a mix of fashion, homeware, electronics, and everyday essentials retailers. The company said […]
More than 80% of the electricity production capacity of the new nuclear reactors in the works in Romania could power a Black Sea AI Gigafactory project, according to a plan laid out by the government. Romania has already secured financing and partners to develop units 3 and 4 at the Cernavodă nuclear power plant, with […]
The Institute for the Investigation of the Crimes of Communism and the Memory of Romanian Exile (IICCMER) has issued a public appeal to president Nicuşor Dan and prime minister Ilie Bolojan to demonstrate “firmness in decision-making” in order to counter what it describes as an “increasingly insidious phenomenon of pro-totalitarian nostalgia,”
AFI Romania, part of the leading real estate development, management, and investment company operating across Central and Eastern Europe, AFI Group, announced that it secured a EUR 537 million refinancing package for three major projects in its portfolio: AFI Cotroceni, AFI Brașov, and AFI Ploiești. The three projects included in the refinancing are among the […]
State-controlled Hidroelectrica (BVB: H2O) allegedly supplied electricity for years to politically connected companies and religious institutions without issuing invoices or collecting payments, according to public data analysed by investigative platform Recorder. The supplies...
