CFR Marfă

CFR Marfă logo

CFR Marfă is the state-owned freight railway business of Romania.[1]

Formerly the freight division of Căile Ferate Române (CFR), it was separated in 1998 to become a semi-independent business.

In April 2013, under pressure from the IMF to reform the state sector,[2] the Romanian government offered to sell a 51% stake in CFR Marfă[3] In May 2013, three bids were received; from OmniTRAX, SC Grup Feroviar Român, and a partnership between Transferoviar Grup and Donau-Finanz.[4] The government rejected all three bids.[5] In September 2013, the 51% stake in CFR Marfă was sold to Grup Feroviar Român for €202 million, although complete payment would be deferred until the deal is approved by competition authorities.[6]

CFR Marfă is making heavy losses. In 2013, it expects to lose €47 million; it lost €20 million in 2012 on earnings of €288.8 million. It has not posted a profit since 2007.[7] As part of the privatisation, the Romanian government has allocated CFR Marfă 606 million lei (€137 million) of rail infrastructure debts.[8]

See also

References

  1. ↑ Jane's World Railways 2009-2010. p. 373. ISBN 978-0710629043.
  2. ↑ "Romania: reluctant state sell-offs restart with CFR Marfa". Financial Times. 5 April 2013. Retrieved 7 April 2013.
  3. ↑ "CFR Marfa privatisation bids invited". Railway Gazette International. Retrieved 8 April 2013.
  4. ↑ "CFR Marfa privatisation bids in". Railway Gazette International. Retrieved 11 May 2013.
  5. ↑ "All CFR Marfa privatisation bids rejected". Railway Gazette International. Retrieved 18 May 2013.
  6. ↑ "CFR Marfa sale agreement signed". Railway Gazette International. Retrieved 3 September 2013.
  7. ↑ "Romanian state-owned rail-freight company CFR Marfa expects to double losses in 2013". 19 March 2013. Retrieved 7 April 2013.
  8. ↑ "CFR Marfă va prelua datorii la stat de 606 mil. lei de la CFR Infrastructură". Curierul Național. 16 March 2013. Retrieved 7 April 2013.
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