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Romania To Ask For EC Approval To Write Off Coal Mining Co CNH Debt

Romanian Economy Ministry said it will analyze, jointly with European Commission and the Competition Council, the possibility to write off the debts of Romanian coal mining company Compania Nationala a Huilei, or CNH, in order to restructure the company, the ministry said Monday.
Romania To Ask For EC Approval To Write Off Coal Mining Co CNH Debt
02 iun. 2008, 13:15, English

CNH is state’s biggest debtor, with RON2.9 billion debts to the state budget.

The European Commission approved a state aid worth nearly 1.29 billion lei (EUR1=RON3.6213) to CNH between 2007 and 2010.

In 2006, CNH’s debt to the state budget was annulled via an emergence government ordinance. However, the Romanian parliament did not clear the ordinance.

In 2007, authorities said they plan to create a power complex that would include CNH and thermal power plants Mintia and Proseni, in order to improve the coal mining company’s activity.

In January 2008, Economy Ministry officials said a viable power complex formed of CNH and thermal power plants should also include at least one hydropower plant.

The mining infrastructure upgrade between 2011 and 2015 will require some RON500 million investments.