Romanian Romaero Cleared To Lay Off 200 Staff In ‘10

Romanian state-run aircraft maintenance services provider Romaero (RORX.RO) may lay off up to 200 employees in 2010, provided the move doesn’t endanger its defense production capabilities or its obligations to the Ministry of Defense, according to the company’s restructuring program.

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The Ministry of Economy, majority stockholder in Romaero, approved the reorganization measures at a shareholders' meeting December 22, the company said in a statement Wednesday.

Any additional proposals aimed "to improve the authorized short-term restructuring program will be subject to the approval of the Economy Ministry and of the shareholders' assembly and will subsequently modify the program," the statement noted.

Romaero has a share capital of 15.6 million lei (EUR1-RON4.2047) split up in 6.24 million shares with a face value of RON2.5 each. The company employed approximately 1260 staff at the end of 2008.

Romanian Economy Ministry owns 51.9% of Romaero's shares, while investment funds SIF Muntenia (SIF4.RO) and Fondul Proprietatea own 25.85% and 21% in the company each.

On the Bucharest bourse Wednesday, Romaero shares closed down 18% on the day at RON20.5 a unit.

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