Romanian state-owned aircraft factory needs state aid

Avioane Craiova, the state-owned aircraft factory in Craiova, needs state aid for rescue and restructuring. The company posted losses of over EUR 1.5 million in the first nine months of last year and had total debts of EUR 26.1 million. The firm’s board of directors has suggested converting the debt to the state budget into shares, reports local Profit.ro. The management also came up with the idea of boosting the company’s capital by the majority shareholder, which is the state, to allow investments in upgrading its facilities. The management will draft a reorganization and restructuring plan, according to a decision of the company’s board of directors. The Economy Ministry holds an 81% stake in the enterprise. editor@romania-insider.com (photo source: acv.ro)