Romania’s state-owned railways company CFR will start seeking a consultant to draft and implement a detailed restructuring action plan.

The contract estimated at EUR 1.23 million is to be financed from a loan taken from the European Bank for Reconstruction and Development EBRD, reports local Wall-street.ro.

EBRD announced in late-2012 that has granted a EUR 175 million loan to country’s rail operator CFR, to help the company restructure its balance sheet by repaying its short-term liabilities.

The loan, distributed in two tranches depending on the specific reform measures, is part of a restructuring program for CFR, with a value of EUR 1.2 billion, according to Wall-street.ro.

The selection process for the consultancy company is expected to begin in the second quarter of 2014.

Irina Popescu, irina.popescu@romania-insider.com