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Bucharest
March 1, 2021
COMPANIES ECONOMY ENERGY FINANCE&BANKING INDUSTRY INVESTMENTS

No insolvency risk for Oltenia Energy Complex

There is no risk of insolvency for the Oltenia Energy Complex (CEO), although the payment of debts could take years, not just four months of good results, Energy Minister Victor Grigorescu assured on Tuesday.
‘There were four months of good results there, and yet the company could not recover in just four months. It would take years to reduce losses. (…) A restructuring plan is discussed with the social partners. In my opinion, the CE Oltenia is on a correct path,’ asserted Grigorescu.
As for the current situation of the Rompetrol company, the minister stressed it is not a singular case, mentioning that ‘we’ll see similar situations and not necessarily in energy.’
Over 5,200 employees with the CE Oltenia will be made redundant in 2016-2020, according to a plan announced by the management; savings resulting layoffs should have a significant impact upon the company’s results, with a view to recover the company’s financial conditions and eventually save it.

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